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ZPT
ZPT
ZPT - Zaptronix - Abridged Reviewed Financial Statements For The 12 Months Ended
31 August 2008
Zaptronix Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/014928/06)
Share code: ZPT & ISIN: ZAE000070934
("Zaptronix" or "the company")
Abridged reviewed financial statements for the 12 months ended 31 August 2008
History:
2005 - Acquisition of DuO Solutions Provider
2006 - Zaptronix listed on AltX
2007 - Royal Bafokeng Capital 30% interest
2008 - New Energy Management Solutions
Future outlook
Positioned for Automated Metering Infrastructure ("AMI") replacement programme
New business brands
Acquisitions of distressed new economy assets
BALANCE SHEETS
GROUP COMPANY
Reviewed Audited Reviewed Audited
at at at at
(R`000) 31 Aug 08 31 Aug 07 31 Aug 08 31 Aug 07
ASSETS
Non-current assets 8,019 10,308 4,197 5,504
Fixed assets 6,060 7,328 54 122
Intangibles 1,929 2,368 1,043 1,136
Investment in unlisted
shares - 612 3,069 4,246
Deferred tax 30 - 30 -
Current assets 5,039 5,754 2,124 1,161
Accounts receivable and
inventory 4,466 5,429 551 1,153
Loans to group
companies - - 1,193 -
Cash and cash
equivalents 573 325 380 8
Total assets 13,058 16,062 6,321 6,665
EQUITY AND LIABILITIES
Capital and reserves 5,065 7,839 1,323 3,170
Share capital and
premium 29,632 29,632 29,632 29,632
Non-distributable
reserve 170 419 23 23
Accumulated losses (24,737) (22,212) (28,333) (26,485)
Non-current liabilities 2,987 3,831 4,112 1,727
Loans from group
companies - - 2,238 1,328
Interest bearing
borrowings 2,719 3,782 1,874 305
Deferred tax 268 49 - 94
Current liabilities 5,006 4,392 885 1,768
Accounts payable and
accruals 4,653 3,521 800 1,691
Provisions 353 871 85 77
Total equity and
liabilities 13,058 16,062 6,321 6,665
NAV per share (cents) 1.34 2.07
NTAV per share (cents) 0.83 1.44
Number of shares (`000) 379,319 379,319
INCOME STATEMENTS
GROUP COMPANY
Reviewed Audited Reviewed Audited
12 months 12 months 12 months 12 months
(R`000) 31 Aug 08 31 Aug 07 31 Aug 08 31 Aug-07
Revenue 22,399 23,693 2,189 3,506
Cost of sales (9,954) (8,489) (1,554) (1,887)
Gross profit 12,445 15,204 635 1,619
Operating costs (14,343) (13,932) (3,071) (2,368)
Operating
(loss)/profit (1,897) 1,272 (2,435) (749)
Other income 645 308 884 1,097
Net income before
interest
and depreciation (1,252) 1,580 (1,551) 348
Fair value
adjustments (1,022) - (405) -
Net interest paid (113) (606) (16) (131)
Net (loss)/profit
before
taxation (2,387) 974 (1,972) 217
Taxation (189) (167) 124 (93)
(Loss)/Earnings
after taxation (2,576) 807 (1,848) 124
(Loss)/Earnings
per share
(cents) (0.68) 0.21
Amortisation and
impairments
of assets 0.11 0.04
Headline
(loss)/earnings
per share (0.57) 0.25
STATEMENTS OF
CHANGES IN EQUITY
Opening balance
for the period 7,839 7,011 3,170 3,046
Net profit/(loss)
for the period (2,576) 807 (1,848) 124
Currency
translation
reserve (199) 21 - -
Issue of share
capital - - - -
Balance at the end
of the period 5,065 7,839 1,322 3,170
CASH FLOW
STATEMENTS
Cash flows from
operations 1,768 1,036 (938) (372)
Cash
from/(utilised by)
operations 878 3,747 (1,466) 150
Change in working
capital 1,003 (2,105) 515 (391)
Net interest
(paid)/received (113) (606) 13 (131)
Cash invested (368) (2,292) 544 (325)
Purchase of
tangible assets (368) (1,348) 8 (19)
(Purchase)/Sale of
intangible assets - (944) 1,090 (546)
Loans from group
companies - - 240 -
Loans to group
companies repaid - - (554) -
Cash from
financing
activities (1,152) 1,534 766 686
Loans from
shareholders 1,000 1,000 - -
Finance lease
payments (80) - - -
Net finance
(paid)/raised (2,073) 1,534 (234) 686
Change in cash and
equivalents 248 278 372 (11)
Opening cash and
equivalents 325 47 8 19
Closing cash and
equivalents 573 325 380 8
COMMENTARY
1. Basis for preparation
The abridged reviewed annual financial statements for the 12 months ended 31
August 2008 have been prepared in accordance with International Financial
Reporting Standards ("IFRS") on Interim Financial Reporting (IAS 34) and the
Companies Act of South Africa. The unqualified review opinion prepared by PKF
(Pretoria) Incorporated is available for inspection at the company`s registered
office. The accounting policies applied are consistent with those of the
previous year.
2. Operational review
The business objective of Zaptronix is to leverage technology to give its
customers visibility and remote control ability over their business operations.
Through its four business units, Zaptronix delivers operational risk management
solutions to the mobile, logistics, energy and irrigation markets. The
Zaptronix group is operationally geared to install data logging and task
systems on power plants, transport vehicles and irrigation systems. The
datacentre and GSM service infrastructure not only warehouses business
intelligence, it serves a number of proprietary applications.The third leg to
the Zaptronix business model comprises technical support, contact centre and
control room (24/7 Bureau) services. The business objective remains to build
strong annuity revenue books with smart customers in new economies.
The market is growing for DuO IV Trackingtm as an operational control solution
("OCS") for vehicle, driver and schedule monitoring and measurement
application, differentiating this application from the Security Vehicle
Recovery ("SVR") market.
The advent of active demand side management in the electricity economy in South
Africa is introducing time of use tariffs, penalties, quotas, etc. to
businesses and households. Automated Metering Infrastructure ("AMI") is being
legislated and Zaptronix has invested heavily in the past year to ensure that
its meter range and load management systems are available to market.
Zaptronix holds an investment in a UK business it inherited from its smart card
technology days in the late 90`s. The business is being wound up by the
majority shareholder after the loss of a major contract.
Zaptronix also suffered material losses during the year in GSM communication
costs due to system failures and theft. Corrective action has been taken to
prevent similar failures in operational control.
Zaptronix businesses are SMMEs and the operational focus remains on margin and
cost control.
3. Financial review
The Zaptronix group made a loss in its business for the 12 months ended
31 August 2008.
Revenue from Duo SP showed a net shrinkage of R1,2 million year on year
primarily due to two large customers having been liquidated. The shift from SVR
to OCS and promoting rental solutions instead of outright sales were the main
contributors.
Revenue from electrical meter sales decreased by R1,3 million year-on-year
mainly due to the discontinuation of the old meter range that had become
uncompetitive.
Costs were reduced year on year by 5% and non-recurring losses and impairments
of R1,8 million were absorbed during the period.
The majority shareholder rendered financial support ensuring the liquidity of
the group and containing the gearing and exposure to interest rate increases.
Working capital is healthy at a ratio of 1.4 times (2007: 1.3) and there was no
change to the share capital.
4. Events post year-end and future prospects
The economic environment has positioned Zaptronix outside the investment
criteria of Royal Bafokeng Capital ("RBC") and the vendor facilitated
transaction whereby RBC would acquire a 30% equity stake in the company has
been terminated.
Zaptronix is a vehicle geared to acquisitions that underpin the core
business.The board believes that this process will gain momentum going forward.
5. Dividend
No dividend has been proposed due to the growth phase the company has embarked
on.
For and behalf of the board of directors
T G Kgage J P Nel
Chairman Chief Executive Officer
J Ramage Auditors:
Financial Director PKF (Pretoria) Incorporated
Secretary: Sylvan CSI
Midrand
11 December 2008
Date: 12/12/2008 15:00:22 Produced by the JSE SENS Department.
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