Voller Energy Group PLC
Rawdon House
Bond Close
Kingsland Business Park
Basingstoke
Hampshire
RG24 8PZ
United Kingdom
Tel : +44 (0)1256 813 900
Fax : +44 (0)1256 813 901
w w w . v o l l e r . c o m
Voller Energy Group PLC
Annual Report & Accounts 2007
Delivering for future growth
Voller Energy Group PLC Annual Report & Accounts 2007 Voller Energy is a leader in portable fuel cell systems, one  
of the first companies in the world who have deliverable 
technology. Portable fuel cells are widely predicted to be the 
first type of fuel cell to reach a mass market and the Group  
is now well positioned as an early leader in this sector.
C o n t e n t s
0 1	 H i g h l i g h t s
0 2	 C h a i r m a n ’ s	S t a t e m e n t
0 4	 C h i e f	E x e c u t i v e ’ s	S t a t e m e n t	
1 2	 C h i e f	T e c h n o l o g y	O f fi c e r ’ s	S t a t e m e n t
1 4	 F i n a n c i a l	R e v i e w
15	 V o l l e r	i n	t h e	C o m m u n i t y
1 6	 B o a r d	o f	D i r e c t o r s
1 8	 R e p o r t	o f	t h e	D i r e c t o r s
2 1	 C o r p o r a t e	G o v e r n a n c e	S t a t e m e n t
2 3	 U n a u d i t e d	R e m u n e r a t i o n	R e p o r t
2 5	 R e p o r t	o f	t h e	I n d e p e n d e n t	A u d i t o r s
2 6	 C o n s o l i d a t e d	P r o fi t	a n d	L o s s	A c c o u n t
2 6	 C o n s o l i d a t e d	S t a t e m e n t	o f	T o t a l	R e c o g n i s e d	G a i n s	a n d	L o s s e s
2 7	 C o n s o l i d a t e d	B a l a n c e	S h e e t
2 8	 C o m p a n y	B a l a n c e	S h e e t
2 9	 C o n s o l i d a t e d	C a s h	F l o w	S t a t e m e n t
3 0	 N o t e s	F o r m i n g	P a r t	o f	t h e	F i n a n c i a l	S t a t e m e n t s
3 8	 N o t i c e	o f	A n n u a l	G e n e r a l	M e e t i n g
4 0	 C o r p o r a t e	I n f o r m a t i o n
9lives 80 is produced with 80% recovered fibre comprising 10% packing waste, 10% best white waste, 
60% de-inked waste fibre and 20% virgin TFC fibre sourced from sustainable forests. The inclusion  
of Virgin fibre enhances both the press performance and the printed results delivered by 9lives 80.
This report has been printed using vegetable based inks. The printing company responsible for 
producing this document has measured their CO 2 emissions. They have identified their remaining 
emissions and have offset them through high quality carbon projects around the world, enabling 
them to work toward a 100% carbon neutral company. Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 1
2006-07: Highlights
‡ 	 M a i d e n 	 o r d e r 	 f o r 	 1 k W 	 f u e l 	 c e l l	
s y s t e m 	 r u n n i n g 	 o n 	 C a l o r 	 G as	
( L P G , 	 p r o p a n e )
‡	 R e m a i n 	 o n 	 t r a c k 	 f o r	
c o m m e r c i a l i s a t i o n 	 o f 	 s y s t e m s
‡	 P r o t o t y p e 	 s y s t e m s 	 i n s t a l l e d 	
i n 	 c a b i n , 	 R V 	 a n d 	 y a c h t ; 	 t r i a l s	 	
n o w 	 u n d e r w a y
‡	 M a r k e t 	 f o r 	 c l e a n 	 t e c h n o l o g y	
p r o d u c t s 	 t o 	 r e a c h 	 $ 5 0 0 b n 	
b y 	 2 0 5 0
‡	 T e c h n o l o g y 	 m i l e s t o n e s 	 m e t	
d u r i n g 	 t h e 	 y e a r	
‡	 P r o d u c t i o n 	 p l a n n e d 	 f o r 	 d e l i v e r y 	
o f 	 fi r s t 	 E m e r a l d 	 A P U 	 o r d e r s
‡	 T Ü V 	 S Ü D 	 c e r t i fi c a t i o n
‡	 I P 	 p o s i t i o n 	 e n h a n c e d 	 t h r o u g h	
n e w 	 p a t e n t s
‡	 C a r b o n 	 n e u t r a l 	 b u s i n e s s
Delivering quiet clean power
Developed    Designed        Delivered Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 2
 Delivering market potential
Chairman’s Statement
“During the year we have installed 
prototype units into our chosen 
market segments of yachting, 
welfare cabins and recreational 
vehicles (RVs) or motorhomes.”
I	a m	p l e a s e d	t o	r e p o r t	t h a t	c o n s i d e r a b l e	p r o g r e s s	h a s	b e e n	
a c h i e v e d	i n	m a n y	a r e a s	o f	t h e	b u s i n e s s	d u r i n g	t h e	y e a r	e n d e d	
3 0	J u n e	2 0 0 7 .	T h e	G r o u p	h a s	d e v e l o p e d	i t s	f u e l	c e l l	te c h n o l o g y	
i n t o	a	n u m b e r	o f	w o r k i n g	p r o t o t y p e	u n i t s ,	w h i c h	h a v e	b e e n	
i n s t a l l e d	i n t o	e a c h	o f	t h e	t a r g e te d	m a r k e t	a p p l i c a t i o n s .	
T h e r e	h a v e	b e e n	a	n u m b e r	o f	s i g n i fi c a n t	d e v e l o p m e n t s	d u r i n g	
t h e	y e a r	r e g a r d i n g	t h e	c o n t i n u i n g	d e v e l o p m e n t	o f	t h e	1 k W	f u e l	
c e l l	 s y s te m .	 I n	 A p r i l	 2 0 0 6 ,	 w e	 a n n o u n c e d	 a	 s e r i e s	o f	 m i l e s t o n e s	
l e a d i n g	t o	t h e	c o m m e r c i a l	a v a i l a b i l i t y	o f	o u r	f u e l	c e l l	a u x i l i a r y	
p o w e r	u n i t s	( A P U s ) .	A s	t h e	y e a r	h a s	p r o g r e s s e d ,	w e	h a v e	b e e n	
a b l e	t o	c o n fi r m	t h a t	e a c h	o f	t h e	m i l e s t o n e s	h a s	b e e n	a c h i e v e d	
a n d	t h a t	t h e	G r o u p	r e m a i n s	o n	t r a c k	f o r	c o m m e r c i a l	d e l i v e r y .	
T h e	A P U	s y s te m	t h a t	w e	h a v e	d e v e l o p e d	i s	b a s e d	o n	h y d r o g e n	
r e f o r m i n g	te c h n o l o g y ,	w h i c h	e n a b l e s	f u e l	c e l l s	t o	r u n	o n	
h y d r o c a r b o n	f u e l s	s u c h	a s	C a l o r	G a s ,	p r o p a n e	o r	l i q u e fi e d	
p e t r o l e u m	g a s	( L P G ) .	T h e s e	f u e l s	a r e	w i d e l y	a v a i l a b l e ,	a n	
a t t r i b u te	w h i c h	m a k e s	o u r	u n i t s	v e r y	a t t r a c t i v e	t o	o u r	k e y	
t a r g e t	m a r k e t s	o f	c o n s t r u c t i o n	a n d	l e i s u r e .	
D u r i n g	t h e	y e a r	w e	h a v e	i n s t a l l e d	p r o t o t y p e	u n i t s	i n t o	o u r	
c h o s e n	m a r k e t	s e g m e n t s	o f	y a c h t i n g ,	w e l f a r e	c a b i n s	a n d	
r e c r e a t i o n a l	v e h i c l e s	( R V s )	o r	m o t o r h o m e s .	I n	e a c h	o f	t h e s e	
m a r k e t s	s t a n d a r d	d i e s e l	g e n e r a t o r s	a r e	c o m m o n l y	u s e d ,
w h i c h	a r e	b o t h	n o i s y	a n d	p r o d u c e	h i g h	l e v e l s	o f	e m i s s i o n s .	
E m i s s i o n s	f r o m	o u r	f u e l	c e l l	u n i t	a r e	m u c h	l o w e r	t h a n	w i t h
a	c o n v e n t i o n a l	g e n e r a t o r .
I n	M a r c h	o f	t h i s	y e a r	w e	a n n o u n c e d	t h a t	t h e	fi r s t	p r o t o t y p e	
A P U	w o u l d	b e	i n s t a l l e d	o n	a	B e n e te a u	O c e a n i s	C l i p p e r	4 1 1	
y a c h t ,	f o l l o w e d	i n	M a y	b y	t h e	i n s t a l l a t i o n	o f	a	p r o t o t y p e	 	
u n i t	i n t o	a	c o n s t r u c t i o n	s i te	c a b i n .	T h e	i n s t a l l a t i o n	w a s	i n	 	
a	m o b i l e	G r o u n d h o g	3 6 0	w e l f a r e	c a b i n	m a n u f a c t u r e d	b y	
G e n Q u i p	P l c .	T h i s	c a b i n	c a n	b e	t o w e d	t o	t h e	s i te	a n d	p r o v i d e s	
h a n d	w a s h i n g	f a c i l i t i e s ,	a	k i t c h e n	a r e a ,	a	d r y i n g	r o o m	a n d	a	
r e s t	a r e a .	T h e	i n s t a l l e d	u n i t	w a s	o n	s h o w	a t	t h e	S i te	E q u i p m e n t	
D e m o n s t r a t i o n	( S E D )	S h o w	i n	K e t te r i n g	( U K ) .	I n	J u n e	w e	
c o n fi r m e d	t h e	i n s t a l l a t i o n	o f	t h e	t h i r d	u n i t	i n t o	a	r e c r e a t i o n a l	
v e h i c l e	p r o d u c e d	b y	M C L	M o t o r	H o m e s .	E a c h	o f	t h e s e	i n d u s t r y	
a p p l i c a t i o n s	r e p r e s e n t s	a	s i g n i fi c a n t	o p p o r t u n i t y	f o r	t h e	V o l l e r	
E n e r g y	F u e l	C e l l	S y s te m . Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 3
T h e	p r o g r e s s	t h a t	t h e	G r o u p	h a s	m a d e	d u r i n g	t h e	y e a r	 	
i s	te s t a m e n t	t o	t h e	e x te n s i v e	e x p e r t i s e	t h a t	V o l l e r	h a s	
d e v e l o p e d	i n	t h e	d e s i g n	a n d	i n te g r a t i o n	o f	f u e l	c e l l	s y s te m s	
a n d	t h e	C o m p a n y ’ s	i n te l l e c t u a l	p r o p e r t y	( I P )	a n d	k n o w	h o w	
h a s	b e e n	e n h a n c e d	a s	a	c o n s e q u e n c e .	V o l l e r	i s	o n e	o f	t h e	 	
f e w	o r g a n i s a t i o n s	t h a t	h a v e	s u c c e s s f u l l y	i n te g r a te d	t h e s e	
te c h n o l o g i e s	i n t o	a	c o m m e r c i a l l y	v i a b l e	p r o d u c t	w h i c h	
r e a f fi r m s	t h e	s t r e n g t h	o f	o u r	i n - h o u s e	e x p e r t i s e .
T h e	f u e l	c e l l	c o n s i s t s	o f	a	n u m b e r	o f	c o m p l e x	i n te r - d e p e n d e n t	
s u b - s y s te m s	t h a t	a r e	i n te g r a te d	i n t o	a	s e a m l e s s	p r o d u c t .	T h e	
d e s i g n	g o a l	i s	t h a t	t h e	u s e r	a t t a c h e s	t h e i r	L P G	c a n i s te r	a n d	
c l e a n ,	q u i e t	p o w e r	i s	p r o d u c e d .	T h e	u s e r	d o e s	n o t	n e e d	t o	b e	
a w a r e	o f	c o m p l e x i t i e s	i n s i d e	t h e	s y s te m .
Carbon neutral business
F u e l	c e l l	s y s te m s	a r e	e n v i r o n m e n t a l l y	f r i e n d l y	te c h n o l o g i e s	
t h a t	p r o d u c e	e l e c t r i c i t y	w i t h o u t	t h e	e m i s s i o n s	n o r m a l l y	
a s s o c i a te d	w i t h	c o n v e n t i o n a l	g e n e r a t o r s .	I n	f a c t ,	w h e n	
h y d r o g e n	i s	u s e d	w i t h	a	f u e l	c e l l	s y s te m ,	t h e	o n l y	o u t p u t	i s	
p u r e	w a te r .	H o w e v e r ,	i n	m a n u f a c t u r i n g	t h e	f u e l	c e l l	s y s te m s 	
a t	V o l l e r ’ s	s p e c i a l i s t	r e s e a r c h	a n d	d e v e l o p m e n t	f a c i l i t y	i n	
B a s i n g s t o k e ,	U n i te d	K i n g d o m ,	t h e	C o m p a n y	d o e s	p r o d u c e	
s o m e	c a r b o n	e m i s s i o n s .	
	
I n	J a n u a r y	2 0 0 7	t h e	C o m p a n y	a n n o u n c e d	t h a t	i t	h a d	b e e n	
w o r k i n g	w i t h	t h e	W o r l d	L a n d	T r u s t	( W L T )	t o	a s s e s s	t h e s e	
e m i s s i o n s .	T h e	W L T	i m p r o v e s	t h e	n a t u r a l	e n v i r o n m e n t	b y	
o f f e r i n g	o r g a n i s a t i o n s	e f f e c t i v e	g u i d a n c e	o n	e m i s s i o n	
r e d u c t i o n	s t r a te g i e s	a n d	b y	p r o v i d i n g	m e a s u r a b l e	c a r b o n	
o f f s e t s	t h r o u g h	i t s	C a r b o n	B a l a n c e d	p r o g r a m m e .	
	
T h e	W L T	a s s e s s m e n t	w a s	t h a t	t h e	V o l l e r	E n e r g y	o p e r a t i o n s	h a d	
p r o d u c e d	8 1 6	t o n n e s	o f	c a r b o n	d i o x i d e	t o	d a te	a n d	a	f u r t h e r	
1 0 4	t o n n e s	o f	c a r b o n	d i o x i d e	w e r e	b e i n g	p r o d u c e d	a n n u a l l y .	
V o l l e r	h a s	u s e d	i n d u s t r y	b e s t	p r a c t i c e	t o	r e d u c e	e m i s s i o n s	f o r	
m a n y	y e a r s .	T h e s e	e m i s s i o n s	w i l l	b e	o f f s e t	b y	t h e	W L T	t h r o u g h	
t h e	p u r c h a s e	o f	u p	t o	7	h e c t a r e s	o f	l a n d	i n	t h e	S o u t h	A m e r i c a n	
r a i n f o r e s t	f o r	r e f o r e s t a t i o n .	
Financial overview
T h e	fi n a n c i a l	p e r f o r m a n c e	o f	t h e	G r o u p	f o r	t h e	y e a r	w a s	i n	l i n e	
w i t h	o u r	e x p e c t a t i o n s .
A d m i n i s t r a t i v e	e x p e n s e s	i n c u r r e d	a m o u n te d	t o	£ 2 . 5 1 5	m i l l i o n	
i n	c o m p a r i s o n	t o	t h e	p r e v i o u s	y e a r	o f	£ 2 . 0 9 2	m i l l i o n	r e fl e c t i n g	
t h e	i m p a c t	o f	i n c r e a s e d	d e v e l o p m e n t	e x p e n d i t u r e	a s	t h e
C o m p a n y	f o c u s e d	o n	t h e	1 k W	A P U	s y s te m .
C a p i t a l	e x p e n d i t u r e	o f	£ 0 . 1 2	m i l l i o n	(2 0 0 6 :	£ 0 . 0 9	m i l l i o n )	w a s	
i n	l i n e	w i t h	t h e	a m o u n t s	i n c u r r e d	i n	t h e	p r e v i o u s	y e a r .	A t	t h e	
e n d	o f	t h e	y e a r	t h e	C o m p a n y	h e l d	c a s h	a t	b a n k	o f	£ 4 . 7 3	m i l l i o n	
(2 0 0 6 :	£ 6 . 7 8	m i l l i o n ) .
People
D u r i n g	t h e	c o u r s e	o f	t h e	y e a r	w e	h a v e	c o n t i n u e d	t o	s t r e n g t h e n	
o u r	e m p l o y e e	b a s e ,	b o t h	i n	t h e	d e v e l o p m e n t	a n d	s a l e s	a n d	
m a r k e t i n g	a r e a .	R e c r u i t m e n t	o f	s p e c i a l i s t	e m p l o y e e s	i n	t h e	
s a l e s	a n d	m a r k e t i n g	fi e l d	h a s	e n a b l e d	t h e	C o m p a n y	t o	
s i g n i fi c a n t l y	i n c r e a s e	i t s	k n o w l e d g e	o f	m a r k e t	a p p l i c a t i o n s
a n d	c u s t o m e r	r e q u i r e m e n t s .	
D r	R o b i n	F r a n c i s	j o i n e d	t h e	B o a r d	o n	2 4	N o v e m b e r	2 0 0 6	a s	
C h i e f	T e c h n o l o g y	O f fi c e r .	R o b i n	i s	a n	e x p e r t	i n	s o l i d - s t a te	
c h e m i s t r y	a n d	b r i n g s	t o	V o l l e r	a	w e a l t h	o f	c h e m i c a l	a n d	
te c h n o l o g i c a l	e x p e r i e n c e .	
E a c h	o n e	o f	o u r	e m p l o y e e s	i s	a	v a l u e d	m e m b e r	o f	t h e	te a m	a n d	
I	w o u l d	l i k e	t o	t h a n k	a l l	o f	t h e m	f o r	t h e	c o n t i n u i n g	c o n t r i b u t i o n	
t h e y	a r e	m a k i n g	t o	t h e	d e v e l o p m e n t	o f	t h e	b u s i n e s s .
Outlook
T h e	c o n t i n u i n g	i m p o r t a n c e	o f	a l te r n a t i v e	a n d	r e n e w a b l e	
e n e r g y	i s	h i g h l i g h te d	b y	t h e	U K	G o v e r n m e n t	o n	a	r e g u l a r	b a s i s .	
V o l l e r	h a s	d e v e l o p e d	a n d	d e m o n s t r a te d	a	f u e l	c e l l	p o w e r	u n i t	
t h a t	a d d r e s s e s	t h e s e	i s s u e s .	
W e	a r e	d e l i g h te d	t o	a n n o u n c e	t h a t	w e	h a v e	s e c u r e d	o u r	 	
fi r s t	o r d e r	f o r	t h e	1 k W	A P U	t o	b e	s u p p l i e d	t o	t h e	c o n s t r u c t i o n	
m a r k e t .	T h i s	i s	t h e	fi r s t	c o n fi r m a t i o n	o f	o u r	a b i l i t y	t o	
s u c c e s s f u l l y	a d d r e s s	o u r	k e y	t a r g e t	m a r k e t s	a n d	w e	a r e	
c o n fi d e n t	t h a t	t h e	C o m p a n y	w i l l	b u i l d	o n	t h i s	s u c c e s s	i n	 	
t h e	f u t u r e .
John Brown FCCA
Chairman
1 4	S e p te m b e r	2 0 0 7 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 4
Delivering against our objectives
Chief Executive’s Statement
“The Group set out the
technology milestones that 
would pave the way for the 
commercial availability of our 
fuel cell system.”
Growth and opportunity
W h e n	S i r	O l i v e r	S te r n	i s s u e d	h i s	r e p o r t	t o	H M	T r e a s u r y	l a s t	
y e a r	o n	t h e	E c o n o m i c s	o f	C l i m a te	C h a n g e ,	h e	n o te d	t h r e e 	
i te m s	o f	i m p o r t a n c e :
1 .		 	 G l o b a l	w a r m i n g	i s	a	s e r i o u s	p r o b l e m	t h a t	m a n k i n d	m u s t	
a d d r e s s .	
2 .		 	 N o	o n e	te c h n o l o g y	w i l l	p r o v i d e	a	s o l u t i o n	–	w i n d ,	s o l a r ,	
w a v e ,	f u e l	c e l l s	w i l l	a l l	p l a y	t h e i r	p a r t .
3 .			 	 T o g e t h e r	t h e s e	te c h n o l o g i e s	w i l l	r e p r e s e n t	a	m a r k e t	o f	
$ 5 0 0	b i l l i o n	a n n u a l l y	b y	2 0 5 0 .
A w a r e n e s s	o f	t h e	c l i m a te	c h a n g e	h a s	i n c r e a s e d	e n o r m o u s l y	
s i n c e	t h e	S te r n	R e v i e w .	T h i s	c u l m i n a te d	i n	J u l y	2 0 0 7	w i t h 	
t h e	L i v e	E a r t h	c o n c e r t s	a c r o s s	a l l	s e v e n	c o n t i n e n t s	w i t h	a	
w o r l d w i d e	te l e v i s i o n	a u d i e n c e	o f	m o r e	t h a n	t w o	b i l l i o n	p e o p l e .	
T o d a y	a w a r e n e s s	o f	g r e e n	i s s u e s	h a s	n e v e r	b e e n	g r e a te r .
S i n c e	t h e	G r o u p ’ s	a d m i s s i o n	t o	t h e	A l te r n a t i v e	I n v e s t m e n t	
M a r k e t	( A I M )	o f	t h e	L o n d o n	S t o c k	E x c h a n g e	i n	2 0 0 5 ,	w e	h a v e	
e m b a r k e d	o n	a	p r o g r a m m e	o f	d e v e l o p i n g	f u e l	c e l l	te c h n o l o g y	
t h a t	o p e r a te s	f r o m	c o m m e r c i a l l y	a v a i l a b l e	f u e l s .
F u e l	c e l l	te c h n o l o g y	o f f e r s	k e y	a d v a n t a g e s	o v e r	c o n v e n t i o n a l	
g e n e r a t o r s	i n	m a n y	fi e l d s	o f	a p p l i c a t i o n	w h e r e	s e l f - c o n t a i n e d	
p o w e r	s u p p l y	i s	i n d i s p e n s a b l e .	F u e l	c e l l s	r u n	m o r e	q u i e t l y ,	
c a u s e	l e s s	v i b r a t i o n ,	c o n s u m e	l e s s	f u e l ,	e m i t	f e w e r	p o l l u t a n t s	
a n d	n e e d	t o	b e	s e r v i c e d	l e s s	o f te n .	
T o	d a te ,	o u r	p r o d u c t s	w o r k	o n	g a s	f u e l s	s u c h	a s	L P G ,	b u t	 	
w e	b e l i e v e	t h a t	t h e r e	a r e	o p p o r t u n i t i e s	b e y o n d	g a s	f u e l s	 	
a n d	i n te n d	t o	a d d	p r o d u c t s	i n	t h e	f u t u r e	b a s e d	o n	l i q u i d 	
f u e l s	s u c h	a s	d i e s e l	o r	b i o - d i e s e l .	
Operating review
I	a m	p l e a s e d	t o	r e p o r t	o n	t h e	p r o g r e s s	t h a t	w e	h a v e	m a d e	 	
o v e r	t h e	l a s t	1 2	m o n t h s .	I n	A p r i l	2 0 0 6 ,	t h e	G r o u p	s e t	o u t	 	
t h e	te c h n o l o g y	m i l e s t o n e s	t h a t	w o u l d	p a v e	t h e	w a y	f o r	t h e	
c o m m e r c i a l	a v a i l a b i l i t y	o f	o u r	f u e l	c e l l	s y s te m .	D u r i n g	t h i s
y e a r	w e	h a v e	c o n fi r m e d	t h a t	e a c h	o f	t h e s e	m i l e s t o n e s	h a s	
b e e n	m e t	t o	p l a n .	 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 5
I n	N o v e m b e r	2 0 0 6	w e	a c h i e v e d	t h e	s u c c e s s f u l	i n te g r a t i o n	 	
o f	a	c o m p l e te	f u e l	c e l l	p r o c e s s o r	a n d	1 k W	f u e l	c e l l	s y s te m	
a h e a d	o f	o u r	a n t i c i p a te d	s c h e d u l e .	
I n	M a r c h	2 0 0 7	V o l l e r	e n g i n e e r s	s u c c e s s f u l l y	a s s e m b l e d	a n d	
d e m o n s t r a te d	t h e	o p e r a t i o n	o f	a	c o m p l e te	a n d	t o t a l l y	s e l f -
c o n t a i n e d	p r o t o t y p e	f u e l	c e l l	s y s te m	i n c l u d i n g	a	p r o p r i e t a r y	
f u l l y	a u t o m a te d	c o n t r o l	a n d	s a f e t y	s y s te m ,	g a s	r e f o r m a te	
c l e a n - u p	a n d	c o o l i n g .		
W e	a n n o u n c e d	o n	2 6	M a r c h	2 0 0 7	t h a t	t h e	fi r s t	i n s t a l l a t i o n
o f	o u r	A P U	s y s te m	w o u l d	b e	o n	a	B e n e te a u	O c e a n i s	C l i p p e r
4 1 1	y a c h t .	
O n	1 1	J u n e	2 0 0 7	w e	c o n fi r m e d	t h e	s u c c e s s f u l	i n s t a l l a t i o n	o f		 	
a	p r o t o t y p e	1 k W	f u e l	c e l l	s y s te m	i n	e a c h	o f	o u r	t h r e e	t a r g e t	
m a r k e t s ;	c o n s t r u c t i o n	s i te	c a b i n ,	s a i l i n g	y a c h t	a n d	r e c r e a t i o n a l	
v e h i c l e	( R V ) .	T h e	f u e l	c e l l	s y s te m s	h a v e	b e e n	i n s t a l l e d	i n	
d i f f e r e n t	p l a t f o r m s ;	a	B e n e te a u	O c e a n i s	C l i p p e r	4 1 1	s a i l i n g	
c r u i s e r ,	a	G e n Q u i p	G r o u n d h o g	m o b i l e	w e l f a r e	c a b i n	a n d	 	
a	r e c r e a t i o n a l	v e h i c l e	p r o d u c e d	b y	M C L	M o t o r	H o m e s .	
V o l l e r	i s	i n i t i a l l y	t a r g e t i n g	c o m m e r c i a l l y	a t t r a c t i v e	a r e a s	 	
w h i c h	a r e	l i k e l y	t o	b e	e a r l y	a d o p te r s	o f	t h e	te c h n o l o g y	s i n c e	
t h e	b e n e fi t s	o f	u s i n g	f u e l s	c e l l s	–	s u c h	a s	l o w	n o i s e ,	n o	t o x i c	
e m i s s i o n s	 a n d	 h e a l t h	 a n d	 s a f e t y	 i s s u e s	 –	 a r e	 i m p o r t a n t	 d r i v e r s .	
W e	b e l i e v e	t h a t	e a c h	o f	t h e s e	i n d u s t r y	a p p l i c a t i o n s	r e p r e s e n t s	
a	s i g n i fi c a n t	m a r k e t	o p p o r t u n i t y	f o r	t h e	G r o u p .
I n	t h e	s a i l i n g	s e c t o r ,	m o d e r n	y a c h t s	a r e	u s i n g	a n	e v e r	
i n c r e a s i n g	a m o u n t	o f	e l e c t r i c a l	e q u i p m e n t ,	i n c l u d i n g	
a u t o p i l o t s ,	i n s t r u m e n t	s y s te m s ,	r e f r i g e r a t i o n	a n d	l i g h t i n g ,	
w h i c h	a r e	a	c o n s t a n t	d r a i n	o n	y a c h t s	p o w e r .	O t h e r	e q u i p m e n t	
s u c h	a s	e l e c t r i c a l	w i n c h e s	a n d	c o m p u te r s	a r e	a l s o	b e c o m i n g	
f a r	m o r e	c o m m o n ,	s o	w e	b e l i e v e	t h a t	V o l l e r ’ s	E m e r a l d	p r o d u c t	
h a s	t h e	p o te n t i a l	t o	b e	t h e	p r e f e r r e d	s o u r c e	o f	p o w e r	f o r	y a c h t	
o w n e r s .	T h e	G r o u p	i s	d e v e l o p i n g	a	“ fi t	a n d	f o r g e t ”	p o w e r	u n i t	
t h a t	c a n	s u p p l y	t h e	p o w e r	l o a d	a n d	k e e p	b a t te r i e s	c h a r g e d	
a u t o m a t i c a l l y ;	V o l l e r	E n e r g y ’ s	r e f o r m e r	te c h n o l o g y	c a n	b e	
e a s i l y	i n te g r a te d	i n t o	a	y a c h t ’ s	e l e c t r i c a l	s y s te m s	t o	w o r k	 	
f r o m	t h e	y a c h t ’ s	e x i s t i n g	d i e s e l	o r	l i q u e fi e d	p e t r o l e u m	 	
g a s	( L P G )	o r	p r o p a n e	s u p p l i e s .
S i n c e	t h e	y e a r	e n d ,	t h e	V o l l e r	E n e r g y	 E m e r a l d 	s a i l i n g	y a c h t	 	
w a s	m o o r e d	a t	t h e	R H P	M a r i n e	p o n t o o n ,	W e s t	C o w e s	f o r	 	
t h e	d u r a t i o n	o f	S k a n d i a	C o w e s	W e e k ,	w e l c o m i n g	o n	b o a r d	 	
g u e s t s	t h r o u g h o u t	t h e	e i g h t	d a y s	o f	r a c i n g .	
W e	a r e	d e l i g h te d	t o	h a v e	r e c e i v e d	o u r	fi r s t	o r d e r	f r o m	t h e	
c o n s t r u c t i o n	s e c t o r .	T h e r e	a r e	a n	e s t i m a te d	2 0 , 0 0 0	w e l f a r e	
c a b i n s	i n	u s e	i n	t h e	U K	a n d	t h e s e	a r e	n o r m a l l y	fi t te d	w i t h	 	
a	d i e s e l	g e n e r a t o r .	O u r	t r i a l	c a b i n	t h a t	h a s	b e e n	fi t te d	w i t h	 	
o u r	f u e l	c e l l	s y s te m	i s	q u i e te r	a n d	d o e s	n o t	e x p e r i e n c e	t h e	
v i b r a t i o n	a s s o c i a te d	w i t h	c o n v e n t i o n a l	g e n e r a t o r s .	T h e	
e m i s s i o n s	a r e	m u c h	l o w e r	a n d	t h e	c a b i n s	r e q u i r e	c o n s i d e r a b l y	
l e s s	m a i n te n a n c e .	
O n	7	J u l y	2 0 0 7 ,	V o l l e r	s u p p l i e d	t h e	o r g a n i s e r s	o f	“ L i v e	E a r t h ”	
f o u r	o f	i t s	“ A B C ”	f u e l	c e l l s	f o r	u s e	a t	t h e	e v e n t .	T h e	V o l l e r	A B C	
u n i t s	p r o v i d e	m a i n s	p o w e r	o u t p u t ,	b u t	t h e	o n l y	e m i s s i o n s	a r e	
p u r e	w a te r .		
Prospects
O u r	p r o g r e s s	t o	d a te	h a s	b e e n	v e r y	e n c o u r a g i n g .	V o l l e r	
c o n t i n u e s	t o	l e a d	t h e	w a y	i n	d e v e l o p i n g	f u e l	c e l l	g e n e r a t o r s	
r u n n i n g	f r o m	a v a i l a b l e	f u e l s .	W e	a r e	o n e	o f	t h e	fi r s t	f u e l	 	
c e l l	c o m p a n i e s	w o r l d w i d e	t o	h a v e	p r o d u c t s	r e a d y	f o r	
c o m m e r c i a l i s a t i o n	a n d	fi r s t	t o	h a v e	f u e l	c e l l	s y s te m s	r u n n i n g	
f r o m	L P G .	W e	a r e	d e l i g h te d	t o	h a v e	r e c e i v e d	o u r	fi r s t	o r d e r	 	
f o r	o u r	A P U	s y s te m	( E m e r a l d )	w h i c h	w i l l	r o l l	o f f	o u r	n e w	
p r o d u c t i o n	l i n e	i n	B a s i n g s t o k e	i n	e a r l y	2 0 0 8 .		
Stephen Voller
Chief Executive Officer
1 4	S e p te m b e r	2 0 0 7 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 6
V o l l e r   E n e r g y   i s   a   m e m b e r   o f   t h e   B r i t i s h   M a r i n e 
F e d e r a t i o n   ( B M F )   a n d   o f   t h e   M a r i n e   E n g i n e   &   E q u i p m e n t 
M a n u f a c t u r e r s ’   A s s o c i a t i o n   ( M E E M A ) .   V o l l e r ’ s   f u e l   c e l l 
g e n e r a t o r   c o u l d   r e v o l u t i o n i s e   p o w e r   s y s t e m s   o n   y a c h t s . 
N o t   b e i n g   c o n n e c t e d   t o   s h o r e   p o w e r   i s   a   c o n s t a n t 
c h a l l e n g e   f o r   s k i p p e r s ;   w i t h   V o l l e r ,   t h e   c h a l l e n g e   
i s   s i g n i fi c a n t l y   r e d u c e d .
Developed
clean energy Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 7
“Life aboard is transformed for all 
crew members and sailing will 
become even more pleasurable.”
“From now on people won’t have to 
worry so much about their fridges, 
or watching TV, using a games 
console or powering navigation 
systems while under sail.”
V o l l e r ’ s	f u e l	c e l l	g e n e r a t o r	c o u l d	r e v o l u t i o n i s e	p o w e r	s y s te m s	
o n	y a c h t s .	N o t	b e i n g	c o n n e c te d	t o	s h o r e	p o w e r	i s	a	c o n s t a n t	
c h a l l e n g e	f o r	s k i p p e r s ;	w i t h	V o l l e r ,	t h e	c h a l l e n g e	i s	
s i g n i fi c a n t l y	r e d u c e d .	F r o m	n o w	o n	p e o p l e	w o n ’ t	h a v e	t o	w o r r y	
s o	m u c h	a b o u t	t h e i r	f r i d g e s ,	o r	w a t c h i n g	T V ,	u s i n g	a	g a m e s	
c o n s o l e	o r	p o w e r i n g	n a v i g a t i o n	s y s te m s	w h i l e	u n d e r	s a i l . 	
T h e y	c a n	a l s o	u s e	2 4 0 V	e q u i p m e n t	s u c h	a s	a n	e l e c t r i c	k e t t l e ,	 	
a	h a i r	d r y e r	f o r	t h a t	s m a r t	p a r t y	a s h o r e ,	o r	e v e n	r u n	a	m a j o r	
a p p l i a n c e	s u c h	a s	a	w a s h i n g	m a c h i n e .	I n	s h o r t ,	w i t h	m u c h
o f	t h e	p o w e r	b u r d e n	r e m o v e d ,	l i f e	a b o a r d	i s	t r a n s f o r m e d	f o r	
t h a t	a l l	i m p o r t a n t	c r e w	m e m b e r	a n d	s a i l i n g	w i l l	b e c o m e	e v e n	
m o r e	p l e a s u r a b l e .
B o a t s	a r e	u s i n g	m o r e	a n d	m o r e	e l e c t r i c a l	a n d	e l e c t r o n i c	
e q u i p m e n t .	A u t o p i l o t s ,	i n s t r u m e n t	s y s te m s ,	r e f r i g e r a t i o n	a n d	
l i g h t i n g	r e m a i n	a	c o n s t a n t	d r a i n	o n	a	y a c h t ’ s	p o w e r	a n d	o t h e r	
e q u i p m e n t	s u c h	a s	e l e c t r i c a l	w i n c h e s	a n d	c o m p u te r s	a r e	
b e c o m i n g	f a r	m o r e	c o m m o n .	T h e	a d v e n t	o f	t h e	G P S ,	o f te n	
i n te r f a c e d	w i t h	e l e c t r o n i c	n a v i g a t i o n	s y s te m s	o n	b o a r d	i n	
r e c e n t	y e a r s ,	h a s	r e s u l te d	i n	t h e	l o s s	o f	t r a d i t i o n a l	n a v i g a t i o n	
s k i l l s .	T h i s	m e a n s	r e l i a b l e	e l e c t r i c a l	p o w e r	o n	b o a r d	h a s	
b e c o m e	n o t	o n l y	d e s i r a b l e	b u t	a	v i t a l	s a f e t y	i s s u e	a s	w e l l . Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 8
R e c r e a t i o n a l   V e h i c l e s   ( R V s )   a n d   c a r a v a n s   c a n   p l u g   i n t o 
t h e   g r i d   w h e n   t h e y   a r e   p a r k e d   o n   a   c a m p s i t e .   H o w e v e r , 
w h e n   p a r k e d   a w a y   f r o m   a   p o w e r   s u p p l y   g a s o l i n e   o r 
p e t r o l   g e n e r a t o r s   a r e   u s e d   t o   p r o v i d e   p o w e r .
Designed
portable energy Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
0 9
“There are significant benefits  
from charging batteries from  
a fuel cell over a conventional 
diesel generator on an RV.”
“Fuel cells have been around for 
some years – the principle was 
conceived in 1839.”
F u e l	c e l l s	h a v e	b e e n	a r o u n d	f o r	s o m e	y e a r s	–	t h e	p r i n c i p l e	 	
w a s	c o n c e i v e d	i n	1 8 3 9	b u t	w o r k i n g	u n i t s	o f	a n y	u s a b l e	s i z e	
o n l y	c a m e	i n t o	e x i s te n c e	i n	t h e	1 9 5 0 s	a n d	w e r e	s u b s e q u e n t l y	
u s e d	i n	t h e	U S	S p a c e	p r o g r a m .	I t	i s	o n l y	i n	t h e	l a s t	f e w	y e a r s	
t h a t	t h e y	h a v e	b e c o m e	i n	a n y	w a y	p r a c t i c a l	f o r	t h e	a v e r a g e	
u s e r ,	d u e	t o	t h e	i n c o n v e n i e n t	p r o d u c t s	r e q u i r e d	a s	“ f u e l ”	 	
a n d	“ o x i d a n t ” .	
T h e r e	a r e	s i g n i fi c a n t	b e n e fi t s	f r o m	c h a r g i n g	b a t te r i e s	f r o m	a	
f u e l	c e l l	o v e r	a	c o n v e n t i o n a l	d i e s e l	g e n e r a t o r	o n	a n	R V .	F i r s t l y	
t h e r e	i s	w e i g h t .	A	t y p i c a l	5 k V A	d i e s e l	g e n e r a t o r	w e i g h s	a r o u n d	
1 8 0 k g	a n d	i t	i s	r e c o m m e n d e d	t h a t	t h i s	i s	fi t te d	w i t h	a n	a n t i -
v i b r a t i o n	b a s e	p l a te	w e i g h i n g	a n o t h e r	1 0 0 k g .	I n	c o m p a r i s o n
a n	e q u i v a l e n t	f u e l	c e l l	w e i g h s	j u s t	7 0 k g	a n d	n o	a n t i v i b r a t i o n	
p l a te	o r	d a m p e n i n g	i s	n e e d e d	b e c a u s e	t h e	f u e l	c e l l ,	l i k e	a	
b a t te r y ,	h a s	n o	m o v i n g	p a r t s .	N o	m o v i n g	p a r t s	s h o u l d	a l s o	
a l l o w	t h e	f u e l	c e l l	g r e a te r	r e l i a b i l i t y	c o m p a r e d	t o	i t s	
m e c h a n i c a l	c o m p e t i t i o n . Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 0
O n   m o s t   c o n s t r u c t i o n   s i t e s   p o w e r   f o r   c a b i n   u s a g e   i s 
p r o v i d e d   b y   d i e s e l   g e n e r a t o r s   w h o s e   n e g a t i v e 
c h a r a c t e r i s t i c s   a r e   n o i s e ,   s m e l l ,   v i b r a t i o n ,   m a i n t e n a n c e 
i s s u e s   a n d   t h e   e v e r   p r e s e n t   p o t e n t i a l   o f   d i e s e l   s p i l l a g e . 
V o l l e r   E n e r g y ’ s   f u e l   c e l l   u n i t s   w i l l   p r o v i d e   a   q u i e t ,   
c l e a n ,   c o m m e r c i a l l y   v i a b l e   a n d   e n v i r o n m e n t a l l y   
f r i e n d l y   a l t e r n a t i v e .
Delivered
safe energy Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 1
“Voller Energy is working in the
UK to develop an alternative fuel 
cell generator for cabins and 
temporary buildings.”
“The availability of quiet,
vibration free power would
be widely seen as a major 
advance in cabin technology.”
C a b i n s	o r	te m p o r a r y	b u i l d i n g s	a r e	o f te n	e q u i p p e d	w i t h	1 0 k V A	
o r	e v e n	2 0 k V A	d i e s e l	g e n e r a t o r s	t o	c o p e	w i t h	p e a k	p o w e r	
d e m a n d s .	T h e s e	g e n e r a t o r s	c a n	p r o d u c e	h a z a r d s	f r o m	
v i b r a t i o n ,	t o x i c	e m i s s i o n s	a n d	f r o m	n o i s e .
V o l l e r	E n e r g y	i s	w o r k i n g	i n	t h e	U K	t o	d e v e l o p	a n	a l te r n a t i v e	
f u e l	c e l l	g e n e r a t o r	f o r	c a b i n s	a n d	te m p o r a r y	b u i l d i n g s ,	t h a t	
p r o d u c e s	t h e	p o w e r	t h e y	n e e d	b u t	w i t h o u t	t h e	s a f e t y	a n d	
e n v i r o n m e n t a l	h a z a r d s	o f	c o n v e n t i o n a l	g e n e r a t o r s .
T h e	d e v e l o p m e n t	o f	s u c h	a	u n i t	w i l l	p r o v i d e	a	p r o d u c t	t o	t h e	
m a r k e t p l a c e	w h i c h	i s	o v e r a l l	m o r e	e n e r g y	e f fi c i e n t ,	c l e a n e r ,	
q u i e te r ,	m o r e	e n v i r o n m e n t a l l y	f r i e n d l y	a n d	a	c o m m e r c i a l l y	
v i a b l e	a l te r n a t i v e	t o	t h e	c u r r e n t	g e n e r a t o r	s o l u t i o n s .
N o i s e	a n d	v i b r a t i o n	a r e	t h e	t w o	m a i n	c o m p l a i n t s	v o i c e d	 	
b y	u s e r s	o f	a c c o m m o d a t i o n	u n i t s	o n	c o n s t r u c t i o n	s i te s	
p o w e r e d	b y	a	d i e s e l	o r	L P G	g e n e r a t o r .	T h e	a v a i l a b i l i t y	 	
o f	q u i e t ,	v i b r a t i o n	f r e e	p o w e r	w o u l d	b e	w i d e l y	s e e n	a s	 	
a	m a j o r	a d v a n c e	i n	c a b i n	te c h n o l o g y .	
I t	i s	e s t i m a te d	t h a t	o u r	f u e l	c e l l	g e n e r a t o r	w i l l	s a v e	2 0 . 5 k g	o f	
C O 2 	e m i s s i o n s	p e r	c a b i n	p e r	d a y .	T h e	p o te n t i a l	r e d u c t i o n	o f	C O 2 	
e m i s s i o n s	t h a t	c o u l d	b e	a c h i e v e d	i n	t h e	“ w e l f a r e ”	c a b i n	m a r k e t	
i n	t h e	U K	a l o n e	i s	e s t i m a te d	a t	1 0 , 0 0 0	t o n n e s . Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 2
 Delivering functional fuel cells today
Chief Technology Officer’s Statement
T h i s	y e a r	h a s	b e e n	a n	e x c i t i n g	y e a r	f o r	te c h n o l o g y	
d e v e l o p m e n t	a t	V o l l e r	a s	t h e	1 k W	c l a s s	f u e l	c e l l	r e f o r m e r	a n d	
A P U	s y s te m s	( “ E m e r a l d ” )	h a v e	m o v e d	o u t	o f	t h e	l a b	a n d	i n t o	
fi e l d	t r i a l s	o f	p r e - p r o d u c t i o n	p r o t o t y p e	m o d e l s .	T h e s e	u n i t s	 	
a r e	d e s i g n e d	a s	“ fi t	a n d	f o r g e t ”	p o w e r	g e n e r a t i o n	u n i t s	w h i c h	
c o n v e r t	L P G	f u e l s	i n t o	u s a b l e	p o w e r	i n	a	m u c h	q u i e te r ,	c l e a n e r	
a n d	m o r e	e f fi c i e n t	w a y	t h a n	t r a d i t i o n a l	g e n e r a t o r s	a n d	w i t h	
m u c h	l o n g e r	r u n	t i m e s	t h a n	b a t te r y	s y s te m s .	U n i t s	h a v e	b e e n	
i n s t a l l e d	i n	a	c o n s t r u c t i o n	w e l f a r e	c a b i n ,	a	B e n e te a u	4 1 1	y a c h t	
a n d	a	r e c r e a t i o n a l	v e h i c l e ,	a s	w e l l	a s	u n d e r g o i n g	e x te n s i v e	
l a b o r a t o r y	te s t i n g .	I ’ m	h a p p y	t o	r e p o r t	t h a t	t h e s e	h a v e	 	
p r o v e n	t h e	b a s i c	c o n c e p t	a n d	w e	r e m a i n	o n	t a r g e t	t o	 	
d e l i v e r	c o m m e r c i a l	u n i t s	n e x t	y e a r .	T h e s e	u n i t s	w i l l	b e	t h e	 	
fi r s t	c o m m e r c i a l l y	a v a i l a b l e	f u e l	c e l l	s y s te m s	t o	o p e r a te	u s i n g	
c o m m o n l y	a v a i l a b l e	L P G	f u e l s .	E v e r y o n e	a t	V o l l e r	i s	v e r y	p r o u d	
o f	t h e	a c h i e v e m e n t s	w e	h a v e	m a d e	t h i s	y e a r	i n	d e v e l o p i n g	 	
a n d	p r o v i n g	t h e	te c h n o l o g y	b e h i n d	t h i s	p r o d u c t ,	w h i c h	h a v e	
i n c l u d e d	s o l v i n g	i s s u e s	r e l a t i n g	t o	r e f o r m e r	d e s i g n ,	g a s	
p u r i fi c a t i o n ,	t h e r m a l	m a n a g e m e n t ,	w a te r	r e c o v e r y ,	g a s	 	
fl o w	c o n t r o l ,	a n d	p o w e r	e l e c t r o n i c s .
T h e	E m e r a l d	s y s te m s	h a v e	b e e n	c e r t i fi e d	b y	T Ü V	S Ü D .	 	
A s	f a r	a s	w e	a r e	a w a r e ,	t h i s	i s	t h e	fi r s t	t i m e	t h a t	a	1 k W	c l a s s	
s y s te m	o p e r a t i n g	f r o m	s t a n d a r d	L P G	h a s	b e e n	c e r t i fi e d .	
M o r e	b r o a d l y ,	te c h n o l o g y	d e v e l o p m e n t	h a s	c o n t i n u e d	t o	f o c u s	
o n	t h e	p r o d u c t i o n	o f	s y s te m s	c a p a b l e	o f	o p e r a t i n g	o n	a v a i l a b l e	
f u e l	s o u r c e s	r a t h e r	t h a n	b e	c o n s t r a i n e d	b y	t h e	d e v e l o p m e n t 	
o f	t h e	“ h y d r o g e n	e c o n o m y ” .	T o	t h i s	e n d	w e	h a v e	c o n t i n u e d
t o	r e s e a r c h	r e f o r m e r	te c h n o l o g i e s	s u c h	a s	p y r o l y s i s	a n d	
c a t a l y t i c	p a r t i a l	o x i d a t i o n	t o	c o m p l e m e n t	t h e	s te a m	r e f o r m e r	
te c h n o l o g y	u s e d	i n	E m e r a l d .	T h e s e	e f f o r t s	a r e	f o c u s e d	o n	
d e v e l o p i n g	s y s te m s	c a p a b l e	o f	o p e r a t i n g	o n	o t h e r	t a r g e t
f u e l s	( i n	a d d i t i o n	t o	L P G )	s u c h	a s	d i e s e l	a n d	b i o - f u e l s .	
A d d i t i o n a l l y	w e	h a v e	b e g u n	e x p l o r i n g	t h e	p o te n t i a l	f o r	
d e v e l o p i n g	h i g h e r	a n d	l o w e r	p o w e r	s y s te m s	s o	t h a t	V o l l e r
i s	a b l e	t o	o f f e r	a	s u i te	o f	p r o d u c t s	r u n n i n g	o n	a	n u m b e r	o f
f u e l s	f o r	a	r a n g e	o f	a p p l i c a t i o n s .
“Technology development has 
continued to focus on the 
production of systems capable 
of operating on available 
fuel sources rather than be 
constrained by the development 
of the ‘hydrogen economy’.”  Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 3
T h e	y e a r	h a s	a l s o	s e e n	t h e	s t r e n g t h e n i n g	o f	t h e	C o m p a n y ’ s	 	
I P	p o s i t i o n ,	i n c l u d i n g	t h e	g r a n t i n g	o f	a	U K	p a te n t	r e l a t i n g	t o	 	
a	f u e l	c e l l	s y s te m	w i t h	h y d r o g e n	p r o c e s s i n g	m e a n s	a n d	t h e	
g r a n t i n g	o f	a	p a te n t	b y	t h e	C h i n e s e	p a te n t	o f fi c e	r e l a t i n g	t o	
m u l t i p r o c e s s	c a t a l y t i c	r e f o r m i n g	o f	h y d r o c a r b o n s	a n d	a l c o h o l s	
u s i n g	m i c r o c h a n n e l	r e a c t o r s	t o	o p t i m i s e	t h e	p r o c e s s .	V o l l e r	
h a s	a	n u m b e r	o f	o t h e r	p a te n t	a p p l i c a t i o n s	p e n d i n g	r e g a r d i n g	
t h e	s y s te m s	r e q u i r e m e n t s	o f	f u e l	c e l l s	a n d	c o n t i n u e s	a	
p r o g r a m m e	o f	p r o te c t i n g	t h e	k e y	a s p e c t s	o f	t h e	 	
C o m p a n y ’ s	s y s te m s .
T h e	G r o u p ’ s	te c h n o l o g y	s t r a te g y	c o n t i n u e s	t o	f o c u s	o n	 	
t h e	d e v e l o p m e n t	o f	r o b u s t ,	r e l i a b l e ,	c o s t	e f f e c t i v e	f u e l	c e l l	
s y s te m s	u t i l i s i n g	c o m m o n l y	a v a i l a b l e	f u e l	s o u r c e s .	A s	t h e	 	
f u e l	c e l l	i n d u s t r y	m o v e s	f o r w a r d	w i t h	c o m m e r c i a l i s a t i o n	i n	 	
a	n u m b e r	o f	a p p l i c a t i o n	a r e a s ,	t h e	p r o g r e s s	w e	h a v e	m a d e	t h i s	
y e a r	p u t s	t h e	G r o u p	i n	a	p o s i t i o n	t o	b e	a t	t h e	f o r e f r o n t	o f	t h e s e	
d e v e l o p m e n t s .
Robin Francis
Chief Technology Officer
1 4	S e p te m b e r	2 0 0 7
E m e r a l d F u e l C e l l Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 4
Delivering our strategic goals
Financial Review
“Total costs for the year  
in line with expectations,
Balance Sheet strong  
assets £5.01 million  
(2006: £6.97 million).”
T h e	r e s u l t s	a r e	p r e s e n te d	f o r	t h e	y e a r	e n d e d	3 0	J u n e	2 0 0 7 .	
Turnover
T u r n o v e r	f o r	t h e	y e a r	w a s	£ 4 2 , 0 0 0	(2 0 0 6 :	£ 1 2 0 , 0 0 0)	
r e p r e s e n t i n g	s a l e s	o f	h y d r o g e n	f u e l	c e l l	p r o d u c t s .	
Profit before interest and tax 
T h e 	 l o s s 	 f o r 	 t h e 	 y ea r 	 b e f o r e 	 i n t e r e s t 	 a n d 	 t a x 	 w a s 	 £2 . 5 1 3 	 m il l i o n	
( 2 0 0 6 : 	 £2 . 0 5 7 	 m il l i o n ) , 	 w h i c h 	 w a s 	 i n 	 l i n e 	 w i t h 	 t h e 	 C o m p a n y ’ s	
f o r e c a s t 	 f o r 	 t h e 	 y ea r . 	 A d m i n i s t r a t i v e 	 e x p e n s e s 	 i n c r ea s e d 	 t o	
£2 . 5 1 5 	 m il l i o n 	 f r o m 	 £2 . 0 9 2 	 m il l i o n , 	 p r i m a r il y 	 a s 	 a 	 c o n s e q u e n ce	
of 	 t h e 	 i n c r ea s e 	 i n 	 R e s ea r c h 	 a n d 	 D e v e l o p m e n t 	 e x p e n d i t u r e ,	
£ 1 . 0 3 	 m il l i o n 	 ( 2 0 0 6 : 	 £ 0 . 6 5 	 m il l i o n ) . 	 A d m i n i s t r a t i v e 	 e x p e n s e s	
al s o 	 i n c l u d e , 	 f o r 	 t h e 	 fi r s t 	 t i m e , 	 a 	 c h a r g e 	 of 	 £22 , 0 0 0 	 i n 	 r e s p e c t	 	
of 	 F R S 	 2 0 , 	 Sh a r e 	 B a s e d 	 P ay m e n t s .
Interest 
I n te r e s t	r e c e i v e d	a m o u n te d	t o	£ 2 9 3 , 0 0 0	i n	c o m p a r i s o n	t o	
£ 3 4 2 , 0 0 0	i n	t h e	p r i o r	y e a r	r e fl e c t i n g	i n te r e s t	o n	l o w e r	c a s h	
b a l a n c e s	o f f s e t	p a r t l y	b y	a n	i n c r e a s e	i n	i n te r e s t	r a te s .	
Taxation
T h e	t a x	c r e d i t	o f	£ 2 3 8 , 0 0 0	i n	t h e	a c c o u n t s	r e p r e s e n t s	t h e	
b a l a n c e	o f	t h e	c l a i m	o f	£ 4 0 , 0 0 0	i n	r e s p e c t	o f	t h e	R e s e a r c h	 	
a n d	D e v e l o p m e n t	G r a n t	c l a i m	f o r	t h e	y e a r	e n d e d	3 0	J u n e	2 0 0 6 ,	
t o g e t h e r	w i t h	a	r e s e r v e	f o r	t h e	c l a i m	i n	r e s p e c t	o f	t h e	y e a r	
e n d e d	3 0	J u n e	2 0 0 7 .	
Dividends
T h e	C o m p a n y	i s	n o t	p r o p o s i n g	t o	p a y	a	d i v i d e n d	(2 0 0 6 :	£ n i l ) .	
Capital expenditure
P l a n t 	 a n d 	 m a c h i n e r y 	 ad d i t i o ns 	 f o r 	 t h e 	 ye a r 	 i n c l u d e 	 t h e 	 p u r c h a s e	
o f 	 t h e 	 B e n e t e a u 	 O c e a n i s 	 C l i p p e r 	 4 1 1 	 y a c h t 	 a t 	 a 	 c o s t 	 o f 	 £ 8 3 , 0 0 0 .	
T h i s 	 v e s s e l 	 w a s 	 p u r c h a s e d 	 f o r 	 d e m o ns t r a t i o n 	 p u r p o s e s 	 a n d 	 w i l l	
b e 	 d e p r e c i a t e d 	 o v e r 	 a 	 p e r i o d 	 o f 	 fi v e 	 ye a r s 	 i n 	 a c c o r d a n c e 	 w i t h 	 o u r	
n o r m a l 	 p o l i c y . 	 A s 	 r e p o r t e d 	 i n 	 t h e 	 C h i e f 	 E x e c u t i v e ’ s 	 S t a t e m e n t 	 a	
1k W 	 f u e l 	 s y s t e m 	 h a s 	 b e e n 	 i ns t a l l e d 	 o n 	 t h e 	 v e s s e l .
Cash
C a s h	i n	h a n d	a t	t h e	e n d	o f	t h e	y e a r	w a s	£ 4 . 7 3	m i l l i o n 	
(2 0 0 6 :	£ 6 . 7 8	m i l l i o n ) .
Colin Bonsey
Finance Director
1 4	S e p te m b e r	2 0 0 7 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 5
Delivering a sustainable future
Voller in the Community
Environment
T h e	G r o u p	t a k e s	i t s	e n v i r o n m e n t a l	c o m m i t m e n t s	s e r i o u s l y	 	
a n d	w o r k s	c o n t i n u o u s l y	t o	i m p r o v e	i t s	p r a c t i c e s .	O u r	a i m 	
i s	t o	m i n i m i s e	w a s te	a n d	f o l l o w	g o o d	e n v i r o n m e n t a l 	
p r a c t i c e	t h r o u g h o u t	t h e	b u s i n e s s .
Carbon neutral
C l i m a te	c h a n g e	i s	t h e	b i g g e s t	t h r e a t	f a c i n g	t h e	p l a n e t .	T h e	
C o m p a n y	r e c o g n i s e s	t h a t	c a r b o n	e m i s s i o n	r e d u c t i o n	i s	t h e	
m o s t	i m p o r t a n t	e l e m e n t	i n	t h e	fi g h t	a g a i n s t	c l i m a te	c h a n g e .
T h r o u g h	 a n	 a s s o c i a t i o n	 w i t h	 t h e	 W o r l d	 L a n d	 T r u s t	 t h e	 C o m p a n y	
h a s	s p o n s o r e d	a n	a r e a	o f	r a i n	f o r e s t	t o	p u t	b a c k ,	t h r o u g h	t h e	
p l a n t i n g	o f	n e w	t r e e s ,	a n	e q u i v a l e n t	a m o u n t	o f	c a r b o n	t h a t	t h e	
C o m p a n y	e m i t s	f r o m	i t s	c a r b o n	f o o t p r i n t .
Health and safety
S a f e t y	i n	t h e	w o r k	p l a c e	i s	o f	p a r a m o u n t	i m p o r t a n c e .	 	
W e	a r e	c o m m i t te d	t o	p r o v i d i n g	t h e	h i g h e s t	s t a n d a r d s 	
p o s s i b l e	f o r	o u r	e m p l o y e e s .
Donation to Science Museum
T h e	S c i e n c e	M u s e u m	i n	L o n d o n	i s	o n e	o f	t h e	w o r l d ’ s	p r e -
e m i n e n t	m u s e u m s .	I t	h o u s e s	o u t s t a n d i n g	c o l l e c t i o n s	r e l a t i n g	
t o	s c i e n c e ,	te c h n o l o g y	a n d	m e d i c i n e ,	a n d	i s	o n e	o f	t h e	m o s t	
p r e s t i g i o u s	a n d	r e s p e c te d	o r g a n i s a t i o n s	d e d i c a te d	t o	t h e	
p r o m o t i o n	o f	p u b l i c	s c i e n c e	a n d	te c h n o l o g y .
A n 	 i m p o r t a n t 	 p a r t 	 o f 	 t h e 	 S c i e n c e 	 M us e u m ’ s 	 w o r k 	 i s 	 t o 	 l o o k 	 a t	
e n v i r o n m e n t a l l y 	 f r i e n d l y 	 t e c h n o l o g i e s . 	 T e c h n o l o g i e s 	 o f 	 g r e a t	
i n t e r e s t 	 i n 	 t h i s 	 a r e a 	 a r e 	 f u e l 	 c e l l 	 s y s t e m s 	 t h a t 	 e x t r a c t 	 e l e c t r i c a l	
e n e r g y 	 f r o m 	 c h e m i c a l 	 e n e r g y . 	 T h e s e 	 s y s t e m s 	 o f f e r 	 g r e a t 	 p o t e n t i a l	
t o 	 p r o v i d e 	 o u r 	 f u t u r e 	 p o w e r 	 n e e d s , 	 b u t 	 w i t h 	 m u c h 	 l o w e r 	 e m i s s i o n s	
t h a n 	 a r e 	 t y p i c a l 	 f r o m 	 e x i s t i n g 	 g e n e r a t o r 	 t e c h n o l o g y .	
F u e l 	 c e l l s 	 a r e 	 e x p e c t e d 	 t o 	 b e 	 a n 	 i m p o r t a n t 	 t e c h n o l o g y 	 f o r 	 t h e	
f u t u r e . 	 V o l l e r 	 w a s 	 c r e d i t e d 	 i n 	 2 0 0 2 	 a s 	 o n e 	 o f 	 t h e 	 fir s t 	 c o m m e r c i a l	
d e v e l o p e r s 	 o f 	 p o r t a bl e 	 f u e l 	 c e l l 	 s y s t e ms . 	 T h e 	 h a n d 	 p o r t a bl e	
V E 1 0 0 	 p r o d u c t s 	 t h a t 	 w e r e 	 fir s t 	 r e l e a s e d 	 i n 	 2 0 0 3 	 a r e 	 c o ns i d e r e d	
t h e 	 fir s t 	 e x a m p l e 	 o f 	 a 	 c o m m e r c i a l 	 f u e l 	 c e l l 	 p r o d u c t 	 u s i n g	 	
a 	 s e lf 	 c o n t a i n e d 	 i n t e r n a l 	 h y d r o g e n 	 c a n i s t e r 	 a n d 	 p r o d u c i n g	 	
n o 	 e m i s s i o ns 	 – 	 t h e 	 o n l y 	 o u t p u t 	 i s 	 p u r e 	 w a t e r .
T h e	m o s t	i m p o r t a n t	s te p	f o r w a r d	w a s	t o	p a c k a g e	t h e	s y s te m	
w i t h	a	m a i n s	i n v e r te r .	T h i s	m e a n t	t h a t	e l e c t r i c a l	d e v i c e s	c o u l d	
b e	p l u g g e d	i n t o	t h e	s y s te m	j u s t	l i k e	a	m a i n s	p l u g	i n	t h e	w a l l .	
I n	t o t a l	V o l l e r	s e n t	t h r e e	s y s te m s	t o	t h e	S c i e n c e	M u s e u m :
V E 1 0 0 	 p r e - p r o d u c t i o n 	 s i l v e r 	 fl o p 	 o v e r 	 b o x 	 d e s i g n . 	 T h i s 	 i s 	 a	 	
o n e 	 o f f 	 s y s t e m 	 a n d 	 i s 	 r e c o g n i s e d 	 a s 	 t h e 	 w o r l d ’ s 	 fi r s t 	 p r o t o t y p e	
s y s t e m 	 t o 	 w o r k 	 i n 	 t h i s 	 s e l f 	 c o n t a i n e d 	 wa y . 	 C o n t a i n e d 	 m a i n s	
i n v e r t e r 	 a n d 	 i n t e r n a l 	 s t a r t -u p 	 b a t t e r y . 	 B u i l t 	 2 0 0 2 .
V E 1 0 0	v 1	fi r s t	c o m m e r c i a l	s y s te m	u s i n g	c h a r a c te r i s t i c	
t r i a n g u l a r	s h a p e	c a s e	a n d	u s i n g	i n te r n a l	m e t a l	h y d r i d e	
c a n i s te r .	I n c l u d e d	s w i t c h a b l e	m a i n s	i n v e r te r	( 1 1 0 v	o r	2 3 0 v )	
a n d	1 2 v	D C	o u t p u t s ,	u s e d	r e p l a c e a b l e	b a t te r y .	B u i l t	2 0 0 3 .
V E 1 0 0	v 3	i m p r o v e d	a n d	e n h a n c e d	t r i a n g u l a r	d e s i g n	
i n c l u d e d	m a i n s	i n v e r te r	( 1 1 0 v	o r	2 3 0 v ) ,	1 2 v	D C	c a r	 	
c i g a r	l i g h te r	o u t p u t	a n d	i n te r n a l	r e c h a r g e a b l e	b a t te r y .	
I n c l u d e d	s e r i a l	d a t a	p o r t	f o r	r e m o te	c o n t r o l	a c c e s s	 	
a n d	r e m o te	d i a g n o s t i c s .
‡
‡
‡ Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 6
Experienced management
Board of Directors
1. John Brown FCCA CTA (age 63)
Chairman
H a s	s e r v e d	a s	N o n - E x e c u t i v e	C h a i r m a n	o f	V o l l e r	E n e r g y	s i n c e	
A p r i l	2 0 0 4	a n d	w a s	C h i e f	E x e c u t i v e	a n d	f o u n d e r	o f	S p e e d y	 	
H i r e	P L C	( L S E : S D Y )	a	F T S E	2 5 0	c o m p a n y	u n t i l	h i s	r e t i r e m e n t	 	
i n	2 0 0 5 .	J o h n	i s	a l s o	C h a i r m a n	o f	N o r c r o s s	p l c	( L S E : N X R )	 	
S c o t t	H a r r i s ,	t h e	i n v e s t o r	r e l a t i o n s	c o m p a n y ,	a n d	C h a i r m a n	o f	
R o l l a l o n g	H i r e	t h e	p o r t a b l e	a c c o m m o d a t i o n	h i r e	b u s i n e s s .	J o h n	
i s	a l s o	a	N o n - E x e c u t i v e	D i r e c t o r	o f	L o o k e r s	P l c	( L S E : LO O K ) ,	
H e n r y	B o o t	P l c	( L S E : B H Y )	a n d	O r i e l	S e c u r i t i e s	L t d .	
2. Stephen Voller (age 48)
Chief Executive Officer
F o u n d e d	V o l l e r	E n e r g y	i n	2 0 0 2	w i t h	M i k e	C l a r k e	t o	f o c u s	o n	t h e	
m a n u f a c t u r i n g	o f	p o r t a b l e	f u e l	c e l l	s y s te m s	f o r	u s e	a s	b a t te r y	
c h a r g e r s	a n d	m o b i l e	g e n e r a t o r s .	T h e	C o m p a n y	r e c e i v e d	t w o	
U K	G o v e r n m e n t	d e v e l o p m e n t	g r a n t s	b e f o r e	fl o a t i n g	o n	t h e	
A l te r n a t i v e	I n v e s t m e n t	M a r k e t	( A I M )	o f	t h e	L o n d o n	S t o c k	
E x c h a n g e	i n	F e b r u a r y	2 0 0 5 .	P r e v i o u s l y	S te p h e n	w a s	M a n a g i n g	
D i r e c t o r	o f	N e t s c a p e	U K	a n d	S a l e s	M a n a g e r	a t	I B M .	S te p h e n	
h a s	a	d e g r e e	i n	D a t a	P r o c e s s i n g	f r o m	t h e	U n i v e r s i t y	o f	 	
L e e d s ,	i s	a	C h a r te r e d	E n g i n e e r ,	a	M e m b e r	o f	t h e	I n s t i t u te	o f	
E l e c t r i c a l	a n d	E l e c t r o n i c s	E n g i n e e r s	( I E E E ) ,	a	m e m b e r	o f	t h e	
P a r l i a m e n t a r y	R e n e w a b l e	a n d	S u s t a i n a b l e	E n e r g y	G r o u p	
( P R A S E G )	a n d	a n	i n d e p e n d e n t	m e m b e r	o f	P I T C O M	–	t h e	U K	
P a r l i a m e n t a r y	I T	C o m m i t te e .	S te p h e n	w a s	a	fi n a l i s t	i n	t h e
2 0 0 6	E r n s t	&	Y o u n g	E n t r e p r e n e u r	o f	t h e	Y e a r	a w a r d s .
3. Mike Clarke (age 57)
Chief Operating Officer
H a s	3 0	y e a r s	m a n a g e m e n t	e x p e r i e n c e	o f	t h e	p r o d u c t i o n	o f	
c o m p l e x	e l e c t r o n i c s ,	i n c l u d i n g	A s t o n	E l e c t r o n i c	D e s i g n s	L t d ,	
P e r e x	L t d ,	S i n t r o m	P L C	a n d	S p e r r y	R a n d	I n c .	A s	C O O	h e	i s	
r e s p o n s i b l e	f o r	t h e	m a n u f a c t u r e	o f	t h e	p r o d u c t s	a n d	f o r	
m e e t i n g	p r o d u c t i o n ,	q u a l i t y	a n d	s h i p m e n t	t a r g e t s .	
4. Colin Bonsey FCA (age 61)
Financial Director and Company Secretary
I s	a	C h a r te r e d	A c c o u n t a n t	( A C A	1 9 6 9 ,	F C A	1 9 7 1 )	a n d	f r o m 	
1 9 9 9	t o	2 0 0 3	s e r v e d	a s	G r o u p	F i n a n c e	D i r e c t o r	a n d	C o m p a n y	
S e c r e t a r y	o f	B u l l o u g h	p l c ,	a	s m a l l	c a p	m i n i	c o n g l o m e r a te	w i t h	
g r o u p	t u r n o v e r	o f	£ 2 5 0	m i l l i o n .	C o l i n	w a s	a n	A u d i t	S e n i o r	a t	
K P M G	b e f o r e	j o i n i n g	P h i l i p	M o r r i s	a s	C o r p o r a te	C o n t r o l l e r	i n	
1 9 7 3 .	I n	1 9 7 6	h e	j o i n e d	S i e b e	p l c	( n o w	p a r t	o f	I n v e s y s	p l c)	a	
w o r l d	l e a d e r	i n	c o n t r o l s	a n d	a u t o m a t i o n	w i t h	t u r n o v e r	o f	£ 3 . 7	
b i l l i o n .	H e	j o i n e d	t h e	B o a r d	o f	S i e b e	i n	1 9 9 0	a n d	r e m a i n e d	o n	
t h e	B o a r d	u n t i l	h i s	d e p a r t u r e	i n	1 9 9 9 .	
1 . 2 . 3 . 4 . Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 7
5. David Port FCMA (age 60)
Non-Executive Director
D a v i d	i s	a	F e l l o w	C h a r te r e d	M a n a g e m e n t	A c c o u n t a n t	a n d	
w i d e l y	e x p e r i e n c e d	i n	t h e	e n e r g y	s e c t o r	a n d	i s	t h e	N o n -
E x e c u t i v e	C h a i r m a n	o f	A T H	R e s o u r c e s	P l c	( L S E : A T H ) ,	t h e	
m i n i n g	g r o u p .	H e	i s	a	f r e e m a n	o f	t h e	C i t y	o f	L o n d o n	a n d	i s	a	
f o r m e r	C h a i r m a n	o f	t h e	C o a l	T r a d e	B e n e v o l e n t	A s s o c i a t i o n .	 	
H e	i s	a l s o	C h a i r m a n	a n d	C h i e f	E x e c u t i v e	o f	G l o b a l	N a t u r a l	
E n e r g y	P l c	( L S E : G N E )	a n d	t h e	N o n - e x e c u t i v e	C h a i r m a n	o f	
P e t r o l	E x p r e s s	L t d	a n d	o f	L e a c h	C o l o u r	L t d .	D a v i d	i s	a l s o	a	 	
N o n - E x e c u t i v e	D i r e c t o r	o f	T R S	D e v e l o p m e n t s	L t d	a n d	o f	 	
W M T	L t d	a	s p e c i a l i s t	c o n s u l t a n c y	a d v i s i n g	o n	t h e	p r o c e s s i n g	 	
o f	n u c l e a r	w a s te .
6. David Cranston (age 61)
Non-Executive Director
A f te r	a	3 0	y e a r	c a r e e r	i n	t h e	A r m y ,	i n i t i a l l y	i n	t h e	A r t i l l e r y	b u t	
m a i n l y	a s	a n	A r m y	A v i a t o r ,	D a v i d	C r a n s t o n ’ s	fi n a l	a p p o i n t m e n t	
w a s	a s	D e p u t y	a n d	t h e n	C o m m a n d e r	o f	t h e	G e r m a n y	b a s e d	
M u l t i n a t i o n a l	A i r m o b i l e	D i v i s i o n	w i t h	2 6 , 0 0 0	p e r s o n n e l	f r o m	
f o u r	n a t i o n s ,	a	c a p i t a l	b u d g e t	o f	£ 8	b i l l i o n ,	a n d	a n	£ 8 0 0	m i l l i o n	
a n n u a l	o p e r a t i o n	b u d g e t .	L e a v i n g	t h e	a r m y	i n	1 9 9 5 ,	h e	b e c a m e	
a	fi n a n c i a l	r e g u l a t o r	j o i n i n g	t h e	P e r s o n a l	I n v e s t m e n t	A u t h o r i t y	
( P I A )	a s	H e a d	o f	M e m b e r	R e l a t i o n s	a n d	i n	1 9 9 7	b e c a m e	H e a d	
o f	G r o u p	C o m p l i a n c e	o f	T h e	R o y a l	B a n k	o f	S c o t l a n d .	F r o m	2 0 0 0	
t o	2 0 0 2	h e	w a s	D i r e c t o r	G e n e r a l	o f	T h e	N a t i o n a l	A s s o c i a t i o n	o f	
P e n s i o n	F u n d s .	C u r r e n t l y	D a v i d	h a s	a	s m a l l	p o r t f o l i o	o f	n o n -
e x e c u t i v e	a n d	v o l u n t a r y	a p p o i n t m e n t s ,	t h e	l a t te r	i n c l u d e s	
b e i n g	a	m e m b e r	o f	t h e	B r i t i s h	N a t i o n a l	O l y m p i c	C o m m i t te e .
7. Robin Francis (age 35)
Chief Technology Officer
D r	R o b i n	F r a n c i s	h a s	c o n s i d e r a b l e	k n o w l e d g e	o f	t h e	e n e r g y	
s e c t o r	a n d	i s	a n	e x p e r t	i n	s o l i d	s t a te	c h e m i s t r y .	A f te r	a	d e g r e e	
i n	c h e m i s t r y	a n d	a	P h D	f r o m	O x f o r d	U n i v e r s i t y	i n	i n o r g a n i c	
c h e m i s t r y ,	R o b i n	j o i n e d	t h e	M a te r i a l s	R e s e a r c h	C e n t r e	a t	 	
t h e	U n i v e r s i t y	o f	H o u s t o n	i n	1 9 9 8	w h e r e	h e	g a i n e d	a	b r o a d	
e x p e r i e n c e	o f	d i f f e r e n t	i n d u s t r i e s	a n d	t h e i r	c o m m e r c i a l	
r e q u i r e m e n t s .	R o b i n	h a s	s u c c e s s f u l l y	w o r k e d	a s	a	 	
te c h n o l o g y	a n d	b u s i n e s s	c o n s u l t a n t	f o r	S c i e n t i fi c	G e n e r i c s ,	 	
a	l e a d i n g	c o n s u l t i n g	a n d	d e v e l o p m e n t	o r g a n i s a t i o n	a n d 	
h a s	p r o v i d e d	s t r a te g i c	a d v i c e	t o	m a n y	b l u e	c h i p	a n d	
m u l t i n a t i o n a l	c o m p a n i e s .	
5 . 6 . 7 . Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
18
Report of the Directors
for the year ended 30 June 2007
The Directors present their Annual Report and Financial Statements for the Company and for the Group for the financial year 
ended 30 June 2007.
Principal activities
The principal activity of the Group is the development and manufacture of portable fuel cell systems for use as mobile generators 
and battery chargers.
A review of the results for the year and of future developments in the business is given in the Chairman’s Statement, Chief 
Executive’s Review, Chief Technology Officers review and in the Financial Review, which form part of this Annual Report.
The Group consists of the holding Company Voller Energy Group PLC together with its wholly owned subsidiaries Voller Energy 
Limited and Voller Energy Trading Limited (dormant).
Results and dividends
The consolidated profit and loss account for the year is set out on page 26.
The Group’s loss for the financial year after taxation was £1,982,000 (2006: £1,566,000). Future developments are commented 
upon in the Chairman’s and Chief Executive’s Reports on pages 2 and 4.
The Directors do not recommend the payment of a dividend for the year (2006: £nil).
Basis of preparation
The Directors’ reviews of the accounts, budgets, sales pipeline, costs and forward plans and cash flow analysis, lead the directors 
to believe that the Group has sufficient resources to continue in operation for the foreseeable future. The financial statements are 
therefore prepared on a going concern basis.
Business Review, and Principal Risks and Uncertainties 
The Company’s principal activity continues to be the development and manufacture of fuel cell systems for use as mobile 
generators and battery chargers. 
The developments that have taken place are described in greater detail in the Chairman’s, Chief Executive’s, Chief Technology 
Officer’s Reports and Financial Reviews on pages 2 to 14. 
The management of the Company monitor progress on a regular basis throughout the year utilising a number of Key Performance 
Indicators (KPIs). The most significant of these are as follows:
Development milestones – the Company has published defined development targets and uses press releases on a regular  
basis to update progress, details of the progress achieved in the current financial year is given in the detailed reports on 
pages 2 to 14. 
Control of expenditure – the Company produces monthly management accounts which compare actual performance against 
budget, these are reviewed by the Board regularly. 
Cash flow – the management accounts of the Company show details of net cash movement, this is monitored in a regular way 
as is the case with expenditure. 
Management of total results – the monthly management accounts show the operating loss of the business and these are 
reviewed regularly by the Board. 
The Company is engaged in the design and production of innovative products within an industry that is still at an immature stage. 
As a consequence this poses a number of risks to the business as follows:
Limited number of suppliers for key components.
Acceptance of the product in the market place.
Uncertainty over development costs. 
The management of the business is aware of these issues and uses every endeavour to minimise them on a daily basis. 
‡
‡
‡
‡
‡
‡
‡ Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
1 9
Research and development
The Group continues to invest in Research and Development expenditure which will be of benefit to the Group in the medium  
to long term (see Note 3).
Directors and their interests
The Directors who held office during the year were as follows:
John Brown
Stephen Voller
Mike Clarke
Colin Bonsey
David Port
David Cranston
Robin Francis (Appointed 24 November 2006)
The Directors’ interests in the ordinary shares of the Company are shown in the Unaudited Remuneration Report on 
pages 23 and 24.
Biographical details of the Directors are given on pages 16 and 17.
In accordance with the Articles of Association, one third of the directors will retire at the forthcoming Annual General Meeting 
(details are shown in the Notice of Annual General Meeting on page 38) and being eligible will offer themselves for re-election.
Significant shareholdings
In addition to the Directors’ interests shown on page 23, the following shareholder has interests in 3% or more of the Company’s 
ordinary share capital at 14 September 2007.
Universities Superannuation Scheme 9.888%.
Share capital
Information relating to shares issued during the financial period is given in Note 16 to the Financial Statements.
Charitable and political donations
The Group made charitable donations during the year of £3,000 (2006: £nil). No political donations were made (2006: £nil).
Supplier payment policy
It is the Group’s policy to settle debts with its creditors on a timely basis, taking into consideration the terms and conditions 
offered by each supplier. The number of supplier days outstanding at the year end, based on the average monthly outstanding 
Group creditor balances was 30 days (2006: 30 days).
At the year end the Group had creditors of £317,000 (2006: £232,000).
Financial instruments
The Directors continue to monitor the Group’s financial assets, largely cash and short term debtors, to ensure that the best 
returns are generated whilst balancing the Group’s working capital requirements.
The Group has no financial liabilities at year end.
Employee consultation
The Group places considerable value on the involvement of its employees and they are regularly briefed on the Group’s activities. 
Their contribution is a key element to the future success of the Group. Equal opportunity is given to all employees.
Disabled employees
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant 
concerned. It is the policy of the Group that the training, career development and promotion of disabled persons should,  
as far as possible, be identical with that of other employees.
‡
‡
‡
‡
‡
‡
‡ Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 0
Stakeholder pension
The Company has designated a stakeholder pension scheme to which the employees can contribute. The Company will not make 
any contribution to the stakeholder scheme.
Directors’ responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law  
and United Kingdom Generally Accepted Accounting Policies.
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the 
state of affairs of the Company and of the Group and of the profit or loss for that period. In preparing those 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;
state whether applicable accounting standards have been followed; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue 
in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the 
Companies Act 1985. 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 United Kingdom governing the properties and dissemination of financial statements may 
differ from legislation in other jurisdictions.
Auditors
Each of the directors at the date of approval of this report confirms that:
so far as the director is aware, there is no relevent audit information of which the Company’s auditors are unaware; and
the director has taken all the steps that he ought to have taken as a director to make himself aware of any relevent audit 
information and to establish that the Company’s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s234ZA of the Companies Act 1985.
During the course of the year BDO Stoy Hayward LLP, the Company’s previous auditors, resigned and Deloitte & Touche LLP 
were appointed.
The directors will place a resolution before the Annual General Meeting to re-appoint Deloitte & Touche LLP as auditors 
for the next financial year.
Annual General Meeting
The Annual General Meeting of the Company will be held at 1.30 pm on 24 October 2007 at 29 Cloth Fair, London EC1A 7NN. 
The Notice of Meeting is enclosed with this report.
By order of the Board
Colin Bonsey
Company Secretary
14 September 2007
‡
‡
‡
‡
‡
‡
Report of the Directors
for the year ended 30 June 2007
continued Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 1
Compliance with the Combined Code
The Company’s shares were admitted to trading on AIM of the London Stock Exchange on 1 February 2005. AIM listed companies 
are not required to comply with the disclosures of the Combined Code of Corporate Governance. However, the Board supports the 
principles contained in the Combined Code and is committed to maintaining the highest standards of Corporate Governance. 
Below is a brief description of the Board, its role and its committees followed by details of the Group’s systems of internal control.
The Board
The Board consists of four Executive Directors, two Non-Executive Directors (NEDs) and a Non-Executive Chairman. All Directors 
are equally accountable for the proper stewardship of the Group’s affairs. The NEDs have a particular responsibility to challenge 
constructively the strategy proposed by the Executive, to scrutinise performance, assess risk and the integrity of financial 
information and controls and to ensure appropriate remuneration and succession planning arrangements for the Executive 
Directors. The Board considers that all of the NEDs are independent in character and judgement.
All Directors are subject to re-election by shareholders at least every three years. NEDs are normally expected to serve two  
three-year terms commencing with the date of the first Annual General Meeting after their date of appointment. There may be 
circumstances where NEDs are invited, subject to re-election, to remain on the Board for a further three-year period, after the 
expiry of their second three-year term.
The principal Board Committees are the Audit, Remuneration and Nomination Committees; all report to the Board. During this 
year the Board has met 10 times.
Audit Committee
The Audit Committee comprises David Port (Chairman) and John Brown, both NEDs, and is responsible for ensuring that the 
financial performance, position and prospects of the Group are properly monitored and reported on. The Committee is also 
responsible for meeting with the auditors and discussing their audit procedures and the Group internal financial controls.  
During this year the Committee has met three times.
The Audit Committee is responsible for making recommendations to the Board on the appointment of external auditors and their 
remuneration, for reviewing the accounting principles, policies and practices adopted in the preparation of the interim and annual 
accounts and reviewing the scope and findings of the audit.
The Committee will keep under review the external auditors’ independence including any non-audit services that are 
to be provided by the external auditors. The auditors are also required to confirm their independence at least annually.
Remuneration Committee
The Remuneration Committee comprises David Cranston (Chairman) and John Brown, both NEDs. The Committee reviews the 
performance of the Executive Directors, sets their remuneration and determines the payment of bonuses (if any). It will also 
consider the grant of options, under any share option scheme or other incentive scheme of the Company and, in particular the 
price per share and the application of performance standards to such grants. No Directors will be permitted to participate in 
discussions or decisions concerning their own remuneration. During the year the Committee has met four times.
Corporate Governance Statement Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 2
Nomination Committee
The Nomination Committee comprises David Cranston (Chairman) and John Brown, both NEDs and is responsible for dealing with 
appointments to the Board and senior positions in the management of the Company as well as relevant employment issues that 
arise in connection thereto. During the year the Committee has met four times.
Internal control and risk
In accordance with guidance for Directors on internal control, (The Turnbull Guidance in the Combined Code), the Board confirms 
that there is a process for identifying, evaluating and managing the significant risks to the achievement of the Group’s strategic 
objectives. The effectiveness of this process is reviewed regularly by the Audit Committee which reports its findings for 
consideration by the Board.
Auditor independence
The Board has adopted a policy for the periodic review of its external auditors.
Board effectiveness
The Board evaluates its effectiveness on an ongoing basis. In due course a more formal evaluation will be arranged, probably 
involving external advice.
Shareholder communication
The Board encourages regular dialogue with the Group’s shareholders and in addition, all are invited to attend the Annual General 
Meeting. The Group’s website contains information which shareholders, analysts and potential investors may find useful.
Corporate Governance Statement
continued Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 3
Remuneration policy
The Remuneration Committee sets Directors remuneration and remuneration policies for all staff. Remuneration levels are set in 
order to attract high calibre recruits and to retain and motivate those Directors and employees once they have joined the Group.
The individual components of the remuneration package offered to both Executive Directors and employees at all levels are:
Basic salary and benefits
Basic salaries are reviewed annually. The review process is undertaken having regard to the development of the Group and the 
contribution that individuals will continue to make. The Group does not operate a Group pension scheme or provide other specific 
benefits; however an additional amount is added to each individual’s salary to enable them to determine the particular benefits 
they wish to put in place.
Bonuses
There are no contractual entitlements to bonuses. The remuneration packages of Executive Directors may, in future, contain  
an element of performance related bonus where appropriate.
Share options
The Group has established an Enterprise Management Incentive (“EMI”) share option scheme and a policy for the granting  
of options to retain and motivate Directors and employees (see Note 4).
Service contracts
Each of the Executive Directors has entered into a service agreement with the Company which is terminable by either party  
on six months’ written notice.
Non-Executive Directors
Non-Executive Directors receive a fixed fee for their services and the reimbursement of reasonable expenses incurred in attending 
meetings. The remuneration of the Non-Executive Directors is determined by the Board as a whole within the overall limits 
stipulated in the Articles of Association. Non-Executive Directors are not eligible for bonuses.
The services of the Non-Executive Directors Messrs Brown, Cranston and Port are provided by letters of appointment with the 
Company. The appointment letters provide for each of the appointments to be for an initial period of three years commencing  
on their date of appointment subject to earlier termination in each case by either party giving three months’ written notice.
Directors’ interests in shares
The Directors’ interests in the ordinary shares of the Company were as stated below:
Ordinary shares of 2p each
    30 June 30 June
    2007 2006
    Number Number
J Brown    666,000 666,000
S Voller    2,857,150 2,857,150
M Clarke    1,864,750 1,904,750
C Bonsey    47,027 47,027
D Cranston    13,514 13,514
D Port    16,865 16,865
Unaudited Remuneration Report Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 4
Directors’ emoluments
The Directors received the following remuneration during the year:
  Salary  Total Total
  and fees Bonus 2007 2006
Name of director  £ £ £ £
Executive
Stephen Voller  149,500 20,000 169,500 143,750
Mike Clarke  149,500 15,000 164,500 143,750
Colin Bonsey  89,650 7,000 96,650 86,400
Robin Francis (appointed 24 November 2006)  51,465 5,000 56,465 –
Mark Turpin (resigned 18 January 2006)  – – – 48,823
Non-Executive
John Brown  24,960 – 24,960 24,000
David Cranston  18,720 – 18,720 18,000
David Port  18,720 – 18,720 18,000
Performance incentives
The Company has put in place an Enterprise Management Incentive (EMI) share option scheme. Performance objectives have been 
identified for the scheme which require the Group to achieve profitability prior to the exercise of any option.
Director’s interests in share options:
 Exercise Number of share options  Outstanding
 Price Date of grant Granted Lapsed 30 June 2007
C P Bonsey 75p 8 August 2005 100,000 None 100,000
 31p 19 October 2006 125,000 None 125,000
R M Clarke 24p 28 November 2006 150,000 None 150,000
R Francis 31p 19 October 2006 150,000 None 150,000
S Voller 24p 28 November 2006 150,000 None 150,000
Unaudited Remuneration Report
continued Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 5
We have audited the Group and parent company financial statements (the ‘’financial statements’’) of Voller Energy Group PLC  
for the year ended 30 June 2007 which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of  
Total Recognised Gains and Losses, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Cash  
Flow Statement and the related notes 1 to 24. These financial statements have been prepared under the accounting policies  
set out therein.
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act 1985. 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 auditors’ 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 auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and 
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of 
Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and 
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in 
accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors’ 
Report is consistent with the financial statements. 
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all  
the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration  
and other transactions is not disclosed. 
We read the other information contained in the Annual Report as described in the contents section and consider whether it is 
consistent with the audited financial statements. This other information comprises only the Directors’ Report, the Chairman’s 
Statement, the Chief Executive’s Statement, the Chief Technology Officer’s Statement and the Finance Review. We consider the 
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial 
statements. Our responsibilities do not extend to any further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices 
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial 
statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation 
of the financial statements, and of whether the accounting policies are appropriate to the Group’s and Company’s circumstances, 
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in  
order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material 
misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall 
adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
The financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, 
of the state of the Group’s and the parent company’s affairs as at 30 June 2007 and of the Group’s loss for the year then ended.
The financial statements have been properly prepared in accordance with the Companies Act 1985.
The information given in the Directors’ Report is consistent with the financial statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
Southampton, United Kingdom
14 September 2007
‡
‡
‡
Report of the Independent Auditors
to the shareholders of Voller Energy Group PLC Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 6
     *(Restated)
    2007 2006
   Note £’000 £’000
Turnover   2 42 120
Cost of sales    (40) (85)
Gross profit    2 35
Administrative expenses   3 (2,515) (2,092)
Operating Loss   3 (2,513) (2,057)
Interest receivable   15 293 342
Loss on ordinary activities before taxation    (2,220) (1,715)
Taxation on loss on ordinary activities   7 238 149
Loss on ordinary activities after taxation    (1,982) (1,566)
Loss for the financial year   18 (1,982) (1,566)
Basic and diluted loss per ordinary share   8 (8.62)p (6.81)p
All amounts relate to continuing activities.
* See Note 4
Consolidated Statement of Total Recognised Gains and Losses 
for the year ended 30 June 2007
    2007 2006
    £’000 £’000
Loss for the year and total recognised gains and losses    (1,982) (1,566)
Prior year adjustment (as explained in Note 4)    (5) –
Total gains and losses recognised since last annual report    (1,987) (1,566)
The notes on  pages 30 to 37 form part of the Financial Statements.
Consolidated Profit and Loss Account 
for the year ended 30 June 2007  Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 7
    *(Restated) *(Restated)
  2007 2007 2006 2006
 Note £’000 £’000 £’000 £’000
Fixed assets
Tangible assets 10  257  203
   257  203
Current assets
Stocks 12 30  29
Debtors 13 312  190
Cash at bank and in hand  4,732  6,784
  5,074  7,003
Creditors: amounts falling due within one year 14 (317)  (232)
Net current assets   4,757  6,771
Net assets   5,014  6,974
Capital and reserves
Called up share capital 16  459  459
Share premium account 18  8,884  8,884
Merger reserve 18  161  161
Share option reserve 18  27  5
Profit and loss account deficit 18  (4,517)  (2,535)
Shareholders’ funds 19  5,014  6,974
* See Note 4
The notes on  pages 30 to 37 form part of the Financial Statements.
The Financial Statements were approved by the Board on 14 September 2007.
Stephen Voller Colin Bonsey
Chief Executive Officer Finance Director
Consolidated Balance Sheet
at 30 June 2007 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 8
     *(Restated)
    2007 2006
   Note £’000 £’000
Fixed assets
Investments   11 216 194
Current assets
Debtors    5,014 6,974
Net assets    5,230 7,168
Capital and reserves
Called up share capital   16 459 459
Share premium account   18 8,884 8,884
Share option reserve   18 27 5
Profit and loss account deficit   18 (4,140) (2,180)
Shareholders’ funds   19 5,230 7,168
* See Note 4
The notes on pages 30 to 37 form part of these financial statements.
The Financial Statements were approved by the Board on 14 September 2007.
Stephen Voller Colin Bonsey
Chief Executive Officer Finance Director
Company Balance Sheet
at 30 June 2007 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
2 9
  2007 2007 2006 2006
 Note £’000 £’000 £’000 £’000
Net cash outflow from operating activities 20  (2,371)  (1,943)
Returns on investments and servicing of finance
Interest received  293  342 
Net cash inflow from returns on investment and  
 servicing of finance   293  342
Capital expenditure and financial investment
Purchase of tangible fixed assets  (120)  (93)
Disposal of tangible fixed assets  6  –
Net cash outflow from capital expenditure and  
 financial investment   (114)  (93)
Taxation   140  49
Cash outflow before management of liquid resources  
 and financing   (2,052)  (1,645)
Financing   –  –
Decrease in cash in the year 21  (2,052)  (1,645)
Consolidated Cash Flow Statement
for the year ended 30 June 2007 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 0
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention and are in accordance with applicable United 
Kingdom accounting standards.
The principal accounting policies are:
Basis of consolidation
The consolidated Group financial statements incorporate the results of Voller Energy Group PLC and its subsidiary undertaking 
Voller Energy Limited as at 30 June 2007 using the merger accounting method. As provided by Section 230 of the Companies Act 
1985, no Company profit and loss account is presented for Voller Energy Group PLC.
Merger accounting
Where merger accounting is used, the investment is recorded in the Company’s balance sheet at the nominal value of the shares 
issued together with the fair value of any additional consideration paid.
In the Group financial statements, merged subsidiary undertakings are treated as if they had always been a member of the Group. 
The corresponding figures for the previous year include its results for that period, the assets and liabilities at the previous 
balance sheet date and the shares issued by the Company as consideration as if they had always been in issue. Any difference 
between the nominal value of the shares acquired by the Company and those issued by the Company to acquire them is taken 
to reserves.
Turnover
Turnover represents sales to external customers at invoiced amount less value added tax or local taxes on sales and is recognised 
when the goods are dispatched, that is when title passes.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is 
provided to write off the cost or valuation, less estimated residual values, of all tangible fixed assets over their expected useful 
lives. It is calculated at the following rates:
Computer equipment 4 years straight line
Plant, machinery and vehicles (including demonstration boat) 5 years straight line
Fixtures, fittings, tools and equipment 5 years straight line
Leasehold Improvements over the term of the lease
Valuation of investments
Investments held as fixed assets are stated at cost less any provision for impairment in value.
Financial instruments
The Group’s financial instruments comprise bank deposits and cash. The purpose of these financial instruments is to finance 
the Group’s operations.
In relation to the disclosures made in note 15:
Short term debtors and creditors are not treated as financial assets or financial liabilities except for the currency disclosures.
The Group does not hold or issue derivative financial instruments for trading purposes.
 Liquid resources
For the purposes of the cash flow statement liquid resources are defined as short term investments.
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is calculated as follows:
Raw materials cost of purchase on first in, first out basis
Work in progress and finished goods cost of raw materials and labour
Net realisable value is based on estimated selling price less further costs to completion and disposal.
‡
‡
Notes Forming Part of the Financial Statements
for the year ended 30 June 2007 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 1
1 Accounting policies continued
Foreign currency
Foreign currency transactions are translated at the rates ruling when they occurred. Foreign currency monetary assets and 
liabilities are translated at the rates ruling at the balance sheet dates. Any differences are taken to the profit and loss account.
Research and development
Expenditure on pure and applied research is charged to the profit and loss account in the year in which it is incurred (see Note 3).
Development costs are also charged to the profit and loss account in the year of expenditure.
Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid or recovered using the tax 
rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance 
sheet date except that the recognition of deferred tax assets is limited to the extent that the Company anticipates to make 
sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.
Deferred tax balances are not discounted.
Share based payments (see Note 4)
Leases
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on 
such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line 
basis over the lease term, except when the period to the review date on which the rent is first expected to be adjusted to the 
prevailing market rate is shorter than the full lease term, in which case the shorter period is used.
International Financial Reporting Standards (IFRS)
The adoption of IFRS will first be reflected in the Group’s financial statements for the year ended 30 June 2008. The UK GAAP 2007 
comparative amounts will be restated as appropriate.
2 Turnover and segmental reporting
Turnover is wholly attributable to the principal activity of the Company. Turnover, results and assets are by origin located within 
the United Kingdom.
Turnover by destination is as follows:
    2007 2006
    £’000 £’000
United Kingdom    6 90
Europe    13 18
North America    8 12
Asia Pacific    15 –
    42 120 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 2
3 Operating loss
    2007 2006
    £’000 £’000
This is arrived at after charging/(crediting):    
Research and development costs    1,031 647
Depreciation    60 40
Exchange (gain)/loss    (3) 3
Operating lease rentals  – land and buildings    73 73
Auditor’s remuneration    23 21
Fees payable to Company’s auditors for the audit of the Company’s annual accounts   15 16
The audit of the Company’s subsidiaries pursuant to legislation    4 1
Total audit fees    19 17
Tax services    4 4
Total    23 21
4 Implementation of FRS 20 “share based payment”
Equity settled share options scheme
The Company has a share option scheme for all employees of the Group. Options are exercisable at a price equal to the average 
quoted market price of the Company’s shares on the date of grant. The vesting period is three years. Options are forfeited if the 
employee leaves the Group before the options vest.
The Group has applied the requirements of FRS 20 “share based payments”. In accordance with the transitional provisions, FRS 
20 has been applied to all grants of equity instruments after 1 February 2005 (being the date of incorporation of the Company) 
that were unvested as of 1 July 2005 (being the date of adoption of the standard by the Company). The Group issues equity-settled 
share based payments to certain employees and directors. Equity-settled share based payments are measured at fair value at the 
date of the grant. The fair value determined at the grant date of the equity-settled share based payments is expensed on a 
straight line basis over the vesting period. Fair value is measured by use of a Black-Scholes model.
The input into the Black-Scholes option pricing model are as follows:
    2007 2006
Expected life    5.0 years 5.0 years
Expected volatility    40% 40%
Risk free rate of return    4.286% 4.286%
Expected dividends    0.0% 0.0%
Expected volatility was determined by calculating the historic volatility based on the annualised standard deviation of the daily 
volatility of the Company’s share price, also see note 17 for further information.
Impact of restatement
The impact of implementing FRS 20 “share based payments” is as follows:
  Group Group Company Company
  2007 2006 2007 2006
  £’000 £’000 £’000 £’000
Profit and Loss Account
Administrative expenses  2,493 2,087 – –
FRS20 adjustment  22 5 – –
Revised total  2,515 2,092 – –
Balance Sheet
Share option reserve  (27) (5) (27) (5)
Profit and loss account deficit  27 5 – –
Fixed asset investment  – – 27 5
Increase/(decrease) in net assets  – – 27 5
The amounts shown above have been included with administrative expenses for the relevant periods.
Notes Forming Part of the Financial Statements
for the year ended 30 June 2007
continued Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 3
5 Employees
    2007 2006
Group    £’000 £’000
Staff costs for all employees, including directors, consist of:
Wages and salaries    1,070 815
Social security costs    119 92
    1,189 907
The Company staff costs are £nil (2006: £nil).
The average number of employees of the Group during the year, including Executive Directors, was 20 (2006: 14).
    2007 2006
    £’000 £’000
Finance and administration    7 7
Manufacturing    2 2
Sales and marketing    3 2
Development    8 3
    20 14
6 Directors’ remuneration
    2007 2006
    £’000 £’000
Directors’ emoluments    550 483
Further disclosures on the remuneration of each individual Director is included in the Unaudited Remuneration Report on page 24.
7 Taxation on loss on ordinary activities
    2007 2006
    £’000 £’000
UK corporation tax
Current tax on loss of the year    – –
Adjustment in respect of previous periods    40 –
SME R&D tax credit    198 149
Current tax credit for the year    238 149
The tax credit for the year is lower (2006: lower) than the standard rate of corporation tax (30%) in the UK. The differences are 
explained below:
    2007 2006
    £’000 £’000
Loss on ordinary activities before tax    (2,220) (1,715)
Loss on ordinary activities at the standard rate of corporation tax in the UK of 30% (2006: 30%)  (666) (514)
Effects of:
Expenses not deductible for tax purposes    11 3
Capital allowances for year in excess of depreciation    (10) (19)
Adjustment to tax charge in respect of previous years    (40) –
Surrendered for R&D tax credit    50 26
Losses carried forward    417 355
Current tax credit for year    238 149 Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 4
7 Taxation on loss on ordinary activities continued
A deferred tax asset has not been recognised in respect of timing differences relating primarily to revenue losses as there is 
insufficient evidence that the asset will be recovered. The amount of the asset not recognised is £981,000. The asset will be 
recovered if there are sufficient trading profits in the future.
8 Loss per share
    Weighted  Weighted
    average  average
 EPS loss Earnings number EPS loss Earnings number
 per share 2007 of shares per share 2006 of shares
 2007 £’000 2007 2006 £’000 2006
Basic and diluted (8.62)p (1,982) 23,000,513  (6.81)p (1,566) 23,000,513
FRS 22 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease net profit 
or increase net loss per share. For a loss making company with outstanding share options, net loss would only be increased  
by the exercise of out-of-the-money options. Since it seems inappropriate to assume that option holders would act irrationally,  
no adjustment has been made to diluted EPS for out-of-the-money share options.
9 Loss for the financial year
Voller Energy Group PLC has taken advantage of the exemption allowed under Section 230 of the Companies Act 1985 and has not 
presented its own profit and loss account in these financial statements. The Company’s result for the year is a loss of £1,960,000 
(2006: £1,561,000).
10 Tangible assets
    Plant, Fixtures,
    machinery fittings,
  Leasehold Computer and tools and
 improvements equipment vehicles equipment Total
Group £’000 £’000 £’000 £’000 £’000
Cost
At 1 July 2006 74 56 101 21 252
Additions – 13 100 7 120
Disposals – – (9) – (9)
Transfers – 2 – (2) –
At 30 June 2007 74 71 192 26 363
Depreciation
At 1 July 2006 9 18 17 5  49
Provision for the year 8 18 28 6 60
Disposals – – (3) – (3)
Transfers – 1 – (1) –
At 30 June 2007 17 37 42 10 106
Net book value
At 30 June 2007 57 34 150 16 257
At 30 June 2006 65 38 84 16 203
11 Fixed assets investments
Amounts are shown at cost.
    2007 2006
Company    £’000 £’000
Subsidiary undertakings:
Cost brought forward at 1 July    194 189
Additions    22 5
Cost as at 30 June    216 194
The additions represent share based payment charges, see note 4.
Notes Forming Part of the Financial Statements
for the year ended 30 June 2007
continued Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 5
11 Fixed assets investments continued
Subsidiary undertakings
The following were subsidiary undertakings at the end of the year and have all been included in the consolidated financial 
statements:
  Proportion of
  voting rights
 Country of and ordinary
 incorporation share capital 
Name or registration held Nature of business
Voller Energy Limited England and Wales 100% Manufacturers and distributors of fuel cell products
Voller Energy Trading Limited England and Wales 100% Dormant company
Voller Energy Group PLC took advantage of the merger accounting relief provisions under s131 Companies Act 1985 when it issued 
equity shares on a share-for-share basis to acquire a 100% interest in Voller Energy Limited in 2005.
12 Stocks
  Group Group Company Company
  2007 2006 2007 2006
  £’000 £’000 £’000 £’000
Raw materials  37 19 – –
Work in progress  9 – – –
Finished goods  2 10 – –
  48 29 – –
Less: Provision  (18) – – –
  30 29 – –
13 Debtors
  Group Group Company Company
  2007 2006 2007 2006
  £’000 £’000 £’000 £’000
Trade debtors  – 4 – –
Amounts due from subsidiary undertakings  – – 5,014 6,974
Corporation tax  198 100 – –
Other debtors  71 54 – –
Prepayments  43 32 – –
  312 190 5,014 6,974
All amounts fall due for payment within one year.
14 Creditors: amounts falling due within one year
  Group Group Company Company
  2007 2006 2007 2006
  £’000 £’000 £’000 £’000
Trade creditors  126 59 – –
Tax and social security creditor  40 30 – –
Other creditors  56 27 – –
Accruals  95 116 – –
  317 232 – – Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 6
15 Financial instruments
Interest rate and currency of cash balances
Floating rate financial assets of £4.732 million (2006: £6.784 million) comprise sterling current account balances.
Treasury policy
Operations are financed by the cash raised by the Group on the placing of shares on 1 February 2005.
The Group’s policy is to ensure a balance between continuity of funding and flexibility, with the objective of identifying short term 
working capital requirements thus enabling available funds to be deposited at money market rates. Interest receivable represents 
interest on cash deposits.
Refer to Note 1 Accounting policies for details of the Group’s policy on financial instruments.
16 Share capital
 Authorised
  2007 2006 2007 2006
  Number Number £’000 £’000
Ordinary shares of 2p each  25,000,000 25,000,000 500 500
 Allotted, called up and fully paid
  2007 2006 2007 2006
  Number Number £’000 £’000
Ordinary shares of 2p each  23,000,513 23,000,513 459 459
17 Share options
Enterprise Management Scheme
    Options 30 June
Options 1 July 2006 Granted Exercised lapsed 2007
 150,000 875,000 Nil 40,000 985,000
  Date from which Last
Date of Grant Price exercisable expiry date Number
19 October 2006 31p 19 October 2009 18 October 2016 575,000
28 November 2006 24p 28 November 2009 27 November 2016 300,000
The aggregate of the estimated fair values of the options issued during the year is £69,000. The options outstanding at 30 June 
2007 had a weighted average exercise price of 35p.
18 Reserves
  Share Share  Profit
  option premium Merger and loss
  reserve account reserve account
  £’000 £’000 £’000 £’000
Group
At 1 July 2006 as previously reported  – 8,884 161 (2,530)
Prior year adjustment  5 – – (5)
At 1 July 2006 as previously restated  5 8,884 161 (2,535)
Loss for the year  22 – – (1,982)
At 30 June 2007  27 8,884 161 (4,517)
Company
At 1 July 2006 as previously reported  – 8,884 – (2,180)
Prior year adjustment  5 – – –
At 1 July 2006 as previously restated  5 8,884 – (2,180)
Loss for the year  22 – – (1,960)
At 30 June 2007  27 8,884 – (4,140)
Notes Forming Part of the Financial Statements
for the year ended 30 June 2007
continued Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 7
19 Reconciliation of movements in consolidated shareholders’ funds
  Group Group Company Company
  2007 2006 2007 2006
  £’000 £’000 £’000 £’000
Loss for the year  (1,982) (1,566) (1,960) (1,561)
FRS 20 adjustment  22 5 22 5
Net (reduction)/addition to shareholders’ funds  (1,960) (1,561) (1,938) (1,556)
Opening shareholders’ funds  6,974 8,535 7,168 8,724
Closing shareholders’ funds  5,014 6,974 5,230 7,168
20 Reconciliation of operating loss to net cash outflow from operating activities
    2007 2006
    £’000 £’000
Operating loss    (2,513) (2,057)
Depreciation    60 40
(Increase)/decrease in stocks    (1) 27
(Increase)/decrease in debtors    (24) 85
Increase/(decrease) in creditors    107 (38)
Net cash outflow from operating activities    (2,371) (1,943)
21 Reconciliation of net cash outflow to movement in net funds
    2007 2006
    £’000 £’000
Decrease in cash in the year    (2,052) (1,645)
Change in net debt resulting from cash flows    (2,052) (1,645)
Net funds at start of year    6,784 8,429
Net funds at end of year    4,732 6,784
22 Commitments
The Group and Company had annual commitments under a non-cancellable operating lease in respect of leasehold property as 
follows:
    2007 2006
    £’000 £’000
Expiring in two to five years    73 73
At the end of the year the Group and Company had capital commitments outstanding of £nil (2006: £nil).
23 Post balance sheet events
Following the substantive enactment of the Finance Bill 2007 in June 2007, the UK corporation tax rate will reduce from 30% to 
28% from April 2008. This is not expected to impact the Company’s tax charge until such time as taxable profit can be reasonably 
foreseen and the deferred tax asset is recognised in the accounts.
There have been no other significant events between the end of the year and the date the accounts were signed.
24 Related party transactions
There were no related party transactions in either 2007 or 2006.
Transactions between the Company and its subsidiary, which is a related party, have been eliminated on consolidation  
and are not disclosed in this note. Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 8
Notice is hereby given that the Annual General Meeting of the shareholders of Voller Energy Group PLC will be held at 
29 Cloth Fair, London, EC1A 7NN on 24 October 2007 at 1.30 pm for the following purposes:
1. To receive the accounts and the reports of the directors and the auditors for the financial year ended 30 June 2007.
 
2. To appoint Robin Francis as a director who was appointed since the last Annual General Meeting and who is retiring  
in accordance with the Company’s articles of association.  
3. To re-appoint C P Bonsey as a director.
4. To re-appoint D Port as a director.
5. To re-appoint Deloitte & Touche LLP as auditors of the Company and to authorise the directors to fix the auditors’ 
remuneration. 
To consider and, if thought fit, pass the following resolutions of which resolutions 6 and 7 will be proposed as  ordinary 
resolutions and resolutions 8 and 9 will be proposed as special resolutions:  
6. That the authorised share capital of the company be increased from £500,000 to £1,500,000 by the creation of 50,000,000 
additional ordinary shares of 2p each, ranking equally with the existing ordinary shares of 2p each.
7. That, subject to the passing of resolution 6 and in substitution for all subsisting authorities, the directors be and they are 
hereby generally and unconditionally authorised to exercise all powers of the Company to allot relevant securities (within the 
meaning of section 80 of the Companies Act 1985) up to an aggregate nominal amount of £152,000 for the period  of five years 
after the passing of this resolution (unless previously renewed, varied or revoked by the Company in general meeting) but the 
Company may, before such expiry, make an offer or agreement which would or might require relevant securities to be allotted 
after such expiry and the directors may allot relevant securities in pursuance of that offer or agreement as if the authority 
conferred by this resolution had not expired. 
8. That, subject to the passing of resolutions 6 and 7, the directors be and they are hereby empowered pursuant to section 95 of 
the Companies Act 1985 (the “Act”) to allot equity securities (within the meaning of section 94(2) to section 94(3A) of the Act) 
for cash as if section 89(1) of the Act did not apply to the allotment.  This power is limited to:
(a) the allotment of equity securities where such securities have been offered (whether by way of a rights issue, open offer  
or otherwise) to holders of ordinary shares in the capital of the Company made in proportion (as nearly as may be) to their 
existing holdings of ordinary shares or (as the case may be) other equity securities of the class concerned (so that any 
offer to holders of other equity securities of any class shall be on the basis of their rights to receive such offer and, failing 
which, shall be on the basis that their holdings had been converted into or that they had subscribed for ordinary shares  
on the basis then applicable) but subject in either case to the directors having a right to make such exclusions or other 
arrangements in connection with the offering as they deem necessary or expedient:
(i) to deal with equity securities representing fractional entitlements; and
(ii) to deal with legal or practical problems under the laws of any territory or the requirements of any regulatory body  
or stock exchange.
(b) the allotment of equity securities for cash otherwise than pursuant to paragraph (a) up to an aggregate nominal amount  
of £69,000 (being approximately 15% of the Company’s issued shared capital) and will expire on 24 January 2009 or at the 
conclusion of the next Annual General Meeting of the Company after the passing of this resolution, whichever first occurs, 
but the Company may, before such expiry, make an offer or agreement which would or might require equity securities to  
be allotted after such expiry and the directors may allot equity securities in pursuance of that offer or agreement as if the 
power conferred by this resolution had not expired.  
Notice of Annual General Meeting Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
3 9
9. That the Company be and is hereby generally and unconditionally authorised for the purposes of section 166 of the Companies 
Act 1985 (the “Act”) to make market purchases (within the meaning of Section 163(3) of the Act) of ordinary shares of 2p each 
in the Company provided that:
(a) the maximum number of ordinary shares which may be purchased is 1,999,987; 
(b) the minimum price (exclusive of expenses) which may be paid for each ordinary share is 2p; 
(c) the maximum price (exclusive of expenses) which may be paid for each ordinary share is an amount equal to 105% of the 
average of the middle market quotations of an ordinary share of the Company taken from the London Stock Exchange Daily 
Official List for the five business days immediately preceding the day on which the share is contracted to be purchased;  
(d) this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this 
resolution or on 24 January 2009 whichever is the earlier (unless previously renewed, varied or revoked by the Company 
in general meeting); and
(e) the Company may, before such expiry, enter into one or more contracts to purchase ordinary shares under which such 
purchases may be completed or executed wholly or partly after the expiry of this authority and may make a purchase 
of ordinary shares in pursuance of any such contract or contracts. 
By Order of the Board 
Colin Bonsey
Company Secretary
Rawdon House, Bond Close, Basingstoke, Hants RG24 8PZ
Dated 14 September 2007    
    
Notes:
Resolution 6 seeks to increase the amount of authorised share capital available to be issued. Resolutions 7, 8 and 9 give the directors limited authority 
to allot shares and to purchase the Company’s own shares. The directors have no present intention of using these powers but consider it appropriate that 
they should be able to do so if circumstances arise which make this desirable. In any case the authority to purchase the Company’s own shares would not 
be used unless this results in an increase in the earnings per share and is in the best interests of the shareholders generally.  
A member entitled to attend and vote at the Meeting is also entitled to appoint a proxy or proxies to attend and, on a poll, vote instead of him or her. 
A proxy need not be a member of the Company.
Appointment of a proxy will not preclude a member from attending and voting in person at the Meeting. 
  
To be effective, the instrument appointing a proxy and any power of attorney or other authority under which it is executed (or a notarially certified copy of 
such authority) must be deposited at the registrars’ office not less than 48 hours before the time for holding the Meeting.  A form of proxy is enclosed with 
this notice.
In the case of joint holders of a share the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the 
votes of the other joint holders. For this purpose seniority is determined by the order in which the names of the holders stand in the register of members 
in respect of the joint holding.  
Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the time by which a person must be entered on the register of members in 
order to have the right to attend and vote at the Annual General Meeting is 11.00 am on 22 October 2007 (being not more than 48 hours prior to the time 
fixed for the Meeting) or, if the Meeting is adjourned, such time being not more than 48 hours prior to the time fixed for the adjourned Meeting. Changes  
to entries on the register of members after that time will be disregarded in determining the right of any person to attend or vote at the Meeting. Voller Energy Group PLC   A n n u a l R e p o r t & A c c o u n t s 2 0 0 7
4 0
Company Secretary and Registered Office
Colin Bonsey
Rawdon House
Bond Close
Kingsland Business Park
Basingstoke, Hants 
RG24 8PZ
Corporate NOMAD and Brokers
Seymour Pierce
20 Old Bailey 
London 
EC4M 7EN
Financial PR Adviser
Hudson Sandler
29 Cloth Fair
London 
EC1A 7NN
Registrar
Capita IRG
7th Floor
Phoenix House
18 King William Street
London 
EC4N 7HE
Lawyers
Pinsent Masons
1 Park Row
Leeds 
LS1 5AB
Auditors
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
Southampton
United Kingdom
Corporate Information Voller Energy is a leader in portable fuel cell systems, one  
of the first companies in the world who have deliverable 
technology. Portable fuel cells are widely predicted to be the 
first type of fuel cell to reach a mass market and the Group  
is now well positioned as an early leader in this sector.
C o n t e n t s
0 1	 H i g h l i g h t s
0 2	 C h a i r m a n ’ s	S t a t e m e n t
0 4	 C h i e f	E x e c u t i v e ’ s	S t a t e m e n t	
1 2	 C h i e f	T e c h n o l o g y	O f fi c e r ’ s	S t a t e m e n t
1 4	 F i n a n c i a l	R e v i e w
15	 V o l l e r	i n	t h e	C o m m u n i t y
1 6	 B o a r d	o f	D i r e c t o r s
1 8	 R e p o r t	o f	t h e	D i r e c t o r s
2 1	 C o r p o r a t e	G o v e r n a n c e	S t a t e m e n t
2 3	 U n a u d i t e d	R e m u n e r a t i o n	R e p o r t
2 5	 R e p o r t	o f	t h e	I n d e p e n d e n t	A u d i t o r s
2 6	 C o n s o l i d a t e d	P r o fi t	a n d	L o s s	A c c o u n t
2 6	 C o n s o l i d a t e d	S t a t e m e n t	o f	T o t a l	R e c o g n i s e d	G a i n s	a n d	L o s s e s
2 7	 C o n s o l i d a t e d	B a l a n c e	S h e e t
2 8	 C o m p a n y	B a l a n c e	S h e e t
2 9	 C o n s o l i d a t e d	C a s h	F l o w	S t a t e m e n t
3 0	 N o t e s	F o r m i n g	P a r t	o f	t h e	F i n a n c i a l	S t a t e m e n t s
3 8	 N o t i c e	o f	A n n u a l	G e n e r a l	M e e t i n g
4 0	 C o r p o r a t e	I n f o r m a t i o n
9lives 80 is produced with 80% recovered fibre comprising 10% packing waste, 10% best white waste, 
60% de-inked waste fibre and 20% virgin TFC fibre sourced from sustainable forests. The inclusion  
of Virgin fibre enhances both the press performance and the printed results delivered by 9lives 80.
This report has been printed using vegetable based inks. The printing company responsible for 
producing this document has measured their CO 2 emissions. They have identified their remaining 
emissions and have offset them through high quality carbon projects around the world, enabling 
them to work toward a 100% carbon neutral company. Voller Energy Group PLC
Rawdon House
Bond Close
Kingsland Business Park
Basingstoke
Hampshire
RG24 8PZ
United Kingdom
Tel : +44 (0)1256 813 900
Fax : +44 (0)1256 813 901
w w w . v o l l e r . c o m
Voller Energy Group PLC
Annual Report & Accounts 2007
Delivering for future growth
Voller Energy Group PLC Annual Report & Accounts 2007