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ZPT
ZPT
ZPT - Zaptronix Limited - Condensed un-audited interim results for the six
months ended 28 February 2011
ZAPTRONIX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/014928/06)
(Share Code: ZPT ISIN Code: ZAE000070934)
("Zaptronix" or "the Company")
CONDENSED UN-AUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY
2011
6 months Year 6 months
28 Feb 11 31 Aug 10 28 Feb 10
(Un-audited) (Audited) (Un-audited)
R`000 R`000 R`000
Assets
Non-current assets
Property, plant and equipment 6 418 7 096 4 060
Intangible assets 1 859 1 996 1 045
Current assets
Inventories 2 597 2 492 2 184
Trade and other receivables 8 329 6 456 4 163
Other Financial assets - - 256
Cash and cash equivalents 350 107 765
Total assets 19 553 18 147 12 473
Equity and liabilities
Equity
Share capital 29 632 29 632 29 632
Reserves 119 119 119
Accumulated loss (24 456) (25 282) (29 084)
Liabilities
Non-current liabilities
Other financial liabilities 5 786 - 138
Deferred tax 232 232 387
Current liabilities
Finance leases - - -
Trade and other payables 3 484 8 620 3 053
Other financial liabilities 4 294 4 519 5 450
Provisions 462 - 2 543
Current tax payable - 307 235
Total equity and liabilities 19 553 18 147 12 473
Number of shares in issue 379 318 934 379 318 934 379 318 934
Net asset value per share 1.4 1.18 0.02
(cents)
Tangible net asset value per 0.91 0.65 (0.01)
share (cents)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX
MONTHS ENDED 28 FEBRUARY 2011
28 Feb 11 31 Aug 10 28 Feb 10
(Un-audited) (Audited) (Un-audited)
R`000 R`000 R`000
Revenue 7 402 20 721 9 110
Gross profit 6 227 17 370 4 671
Other income 721
Operating costs (4 546) (12 853) (6 187)
Operating profit/ (loss) 1 681 4 517 (795)
(EBITDA)
Depreciation and (816) (1 878) (948)
amortisation
Net profit/ (loss) before 865 2 639 (1 743)
interest and taxation
Interest paid (48) (736) (73)
Interest received 9 2 2
Profit/ (loss) before 826 1 905 (1 814)
taxation
Taxation - 83 -
Profit/ (loss) for the 826 1 988 (1 814)
period
Total comprehensive income/ 826 1 988 (1 814)
(loss) attributable to the
equity holders of the parent
Basic earnings per share 0.22 0.52 (0.48)
(cents)
Headline earnings per share 0.22 0.52 (0.48)
(cents)
Reconciliation of headline
earnings:
Net profit/ (loss) 826 1 988 (1 814)
attributable to ordinary
shareholders
Headline earnings/ (loss) 826 1 988 (1 814)
attributable to ordinary
shareholders
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS
ENDED 28 FEBRUARY 2011
Share Reserves Accumulated Total
capital loss
Balance at 1 September 2009 29 632 119 (27 270) 2 481
Loss for the 6 months (1 814) (1 814)
Balance at 28 February 2010 29 632 119 (29 084) 667
Profit for the 6 months 3 802 3 802
Balance as at 31 August 2010 29 632 119 (25 282) 4 469
Profit for the 6 months 826 826
Balance as at 28 February 29 632 119 (24 456) 5 295
2011
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS FOR THE SIX MONTHS ENDED
28 FEBRUARY 2011
28 Feb 11 31 Aug 10 28 Feb 10
(Un-audited) (Audited) (Un-audited)
R`000 R`000 R`000
Cash flows from operating
activities
Cash generated/(used) 1 298 (223) 526
from/by operations
Increase/(decrease) in (776) 4 415 445
working capital
Finance income 9 2 2
Finance costs (48) (736) (73)
Net cash from/(by) 483 3 458 900
operations
Cash flows from investing
activities
Property, plant and (15) (3 437) (22)
equipment
Intangible assets (1 247)
Net cash flow from investing (15) (4 684) (22)
activities
Cash flow from financing
activities
Loans raised - 1 984
Loans repaid (225) (770) (232)
Net cash flow from financing (225) 1 214 (232)
activities
Total cash movement for the 243 (12) 646
period
Cash at the beginning of the 107 119 119
period
Total cash at end of the 350 107 765
period
Segment report
The group has identified the following operating segments:
* Fleet Management
* RMS Technology
* Metering and Corporate
2011 2010 2011 2010 2011 2010 2011 2010
R`000 R`000 R`000 R`000 R`000 R`000 R`000 R`000
Fleet RMS Metering Total
management Technologies and Total
corporate
Turnover
External 5 538 7 545 410 994 1 619 571 7 567 9 110
Sales
Internal -165 -165
Sales
Total 5 538 7 545 245 994 1 619 571 7 402 9 110
Segment
revenue
Interest 7 1 2 1 9 2
income
Finance cost -34 -69 -14 -4 -48 -73
Profit 1 066 694 -859 -1 619 -1 826 -1 814
before 000 508
taxation
Income
taxation
1,066 694 -859 - 219 - 426 1,814
(Loss)/profit 1,000 1,508
for the
period
Other
information
Capital 15 23 15 23
expenditure
(additions to
PPE)
Statement of
financial
position
Assets
Segment 9 569 7 077 2 810 2 310 7 174 3 086 19 12 473
assets 553
Consolidated 9 569 7 077 2 810 2 310 7 174 3 086 19 12 473
total assets 553
Liabilities
Segment 8 552 8 223 488 585 5 218 2 998 14 11 806
liabilities 258
Consolidated 8 552 8 223 488 585 5 218 2 998 14 11 806
total 658
liabilities
COMMENTARY
1.1 Basis for preparation
The interim financial statements for the 6 months ended 28 February
2011 are un-audited and have been prepared in accordance with
International Financial Reporting Standards ("IFRS"), IAS34, as well as AC
500 standards as issued by the Accounting Practices Board, JSE Listing
requirements and the Companies Act of 2008 as amended.. The accounting
policies adopted are consistent with those of the annual financial statements
for the year ended 31 August 2010.
1.2 Financial review
The group continues to be profitable as it continues to manage the I to I
assets under the Agency Agreement as communicated previously with
shareholders. The circular which is subject to JSE regulatory approval,
detailing the transaction and requesting shareholder approval will be sent to
shareholders in due course. The Site Risk Business unit contributed R700 931
in net income which is earned in terms of the Agency Agreement. The continued
focus on cost control is bearing fruit and is reflected in the results. The
Tracking business is profitable and the company continues to invest in the
technology to remain competitive in the market.
1.3 Operational review
The Zaptronix group of companies operates three businesses: Zaptronix
Metering, Duo Tracking Services and the Site Risk business (the I to I
assets)
The economic recovery has been slow and is still affecting all the aspects of
the Zaptronix businesses. Margins remain under pressure as customers focus on
cost reduction. The value offering provided by Zaptronix ensures continued
customer loyalty with ever increasing demand for better service delivery.
Prospective customers are taking longer to make the investment decisions to
install or upgrade equipment, which is affecting operational efficiencies.
The group has continued to focus on cost control and improving efficiencies
within its operations.
1.4 Future prospects
The successful conclusion of the I to I transaction will strengthen the
group`s financial position and afford the opportunity to finally integrate
the operations which will also result in further efficiencies and savings.
The group is well placed to benefit from the opportunities created by the
implementation of the Electricity Regulation Act from 1 January 2012. In
terms of this legislation, utilities have to supply consumers that use more
than 1000 kWh per month a Time of Use based billing solution will create an
accelerated tempo in the upgrade of metering equipment. Due to the expected
growth Zaptronix has further extended its technology partnerships and
distributor relationships to cope with the increase in demand for the meters.
The group continues to invest in a broader range of tracking equipment and
continues to upgrades its application and systems will allow Zaptronix to
remain a profitable niche player in this industry. Growth is based on the
growth of existing clients and opportunities where competitors` clients are
unhappy with the level of service being delivered.
1.5 Dividend
No dividend has been proposed.
For and behalf of the board of directors
N Melville (Independent Chairman), K Gribnitz (Non- Executive), M J Freestone
(Independent director), JP Nel (CEO), A J Botes (CFO)
31 May 2011
Midrand
Auditors: PKF (Pta) Incorporated
Secretary: Sylvan CSI (Pty) Ltd
Transfer secretaries: Computershare Investor Services (Pty) Ltd
Designated Adviser: Exchange Sponsors (2008) (Pty) Ltd
Date: 31/05/2011 17:39:49 Produced by the JSE SENS Department.
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