| Fri 30 Mar 2001, 0:00 | | Aps - Audited Results For The Year Ended 31 Decemb |
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APS Technologies Limited
Incorporated in the Republic of South Africa
Registration number 1998/024100/06
"APS" or "the group" or "the company"
Audited results for the year ended 31 December 2000
Consolidated income statements
for the year ended 31 December
Audited Unaudited Audited
12 months 6 months 12 months
31 December 30 June 31 December
2000 2000 1999
R'000 R'000 R'000
Revenue 34 724 16 550 52 264
Operating profit/(loss) before
amortisation and depreciation 2 497 (3 196) 15 566
Amortisation and depreciation (1 126) (580) (698)
Operating profit/(loss) after
amortisation and depreciation 1 371 (3 776) 14 868
Net interest received 324 179 762
Profit/(Loss) before exceptional
items 1 695 (3 597) 15 630
Exceptional items (628) (494) -
Profit/(Loss) before taxation 1 067 (4 091) 15 630
Taxation (511) (57) (2 134)
Attributable income/(loss) 556 (4 148) 13 496
Total number of ordinary shares
in issue ('000) 125 824 120 824 120 824
Fully diluted earnings/(loss)
per share (cents) 0,44 (3,43) 11,17
Fully diluted headline earnings/
(loss) per share (cents) 0,79 (3,02) 11,17
Consolidated balance sheets
as at 31 December
Audited Unaudited Audited
31 December 30 June 31 December
2000 2000 1999
R'000 R'000 R'000
Assets
Fixed assets 2 335 2 534 3 066
Intangibles 5 474 4 952 5 129
Deferred tax asset 181 470 470
Current assets 20 311 19 134 20 418
Total assets 28 301 27 090 29 083
Equity and liabilities
Shareholders' equity 23 743 17 442 21 353
Deferred taxation 12 69 69
Long-term liabilities 70 92 436
Current liabilities 4 476 9 487 7 225
Total equity and liabilities 28 301 27 090 29 083
Fully diluted net asset value
per share (cents) 18,87 14,44 17,67
Cash flow statements
for the year ended 31 December
2000 1999
R'000 R'000
Cash flow from operating activities (904) 28
Cash flow from investing activities (974) (59 494)
Cash flow from financing activities (116) 66 680
Net (decrease)/increase in cash (1 994) 7 214
Cash at beginning of year 7 214 -
Cash at end of year 5 220 7 214
Statement of changes in equity
for the year ended 31 December 2000
Non-
distribu- Accumu-
Share Share table lated
capital premium reserve profit Total
R'000 R'000 R'000 R'000 R'000
As previously
reported 132 16 083 20 11 523 27 758
Shares acquired by
share purchase trust (11) (6 394) - - (6 405)
Balance at
1 January 2000 121 9 689 20 11 523 21 353
Net profit for the
period - - - 556 556
Transfers and
adjustments - 11 404 17 432
Shares disposed of by
share purchase trust 5 1 397 - - 1 402
Balance at
31 December 2000 126 11 097 424 12 096 23 743
Comments
The directors are pleased to announce satisfactory results for the financial
year ended 31 December 2000, considering the fact that a loss of R4,1 million
was reported for the six-month period ended 30 June 2000.
Net income attributable to shareholders increased to R556 000 from the reported
loss at 30 June 2000.
The continuing restructuring of the group over the last months has also
contributed to the positive results for the last six months of the year.
Consolidation of share purchase trust
The share purchase trust has been consolidated within the group. Subsequent to
year-end, the share purchase trust has disposed of 5 000 000 shares and the
comparable figures have thus been restated.
Prospects
The directors are confident that the turnaround the group experienced in the
latter half of 2000 will continue in 2001 and that previous levels of turnover
will be reached again.
Events subsequent to balance sheet date
FDA Premarket Notification 510(k)
There has recently been a lot of publicity surrounding the APS product's
licence to market in America. For a medical device to be legally marketed in
the USA, it has to have either a FDA Premarket Notification 510(k), or FDA
Premarket Approval.
The APS product has the FDA Premarket Notification 510(k), awarded on 22 July
1996 with reference number K955470 (Regulatory Class II, Product Code 84 GZJ).
It has however been noted that although APS has the Premarket Notification,
this fact may not be stated in marketing or promotional material. This
Premarket Notification means that the product is suitable for legal marketing
in the USA, but does not however mean that it is certified or approved by the
FDA. The company is currently remedying this situation.
Annual report 1999
In the 1999 annual report, mention was made of the international
distributorships which information was incorrect. The information published was
supplied to the company and accepted by the company without due diligence as
APS Technologies Limited has no financial commitment or involvement with its
distributors. There was much to say about the suggested size of Alto Prado in
Belgium, as well as The Hillside Group in the USA. These companies however are
not as big as they might have been suggested. The company, APS Technologies
Limited, has implemented procedures and internal controls to prevent this from
happening in the future. The intention was never to misrepresent the nature of
the relationships nor the size of the distributors to the shareholders.
Audit opinion
The financial statements for the year ended 31 December 2000 have been audited
by Pricewaterhouse Coopers and they have issued their unqualified opinion on
the results.
Directorate
As published in an earlier announcement, Mr JDP van Zyl has resigned as
chairman of APS, but does however remain a director on the board. Mr DH
Wooldridge remains as chief executive officer and is currently acting chairman.
The board extends their appreciation to Mr van Zyl for his valuable
contribution over the years.
Dividend
In line with the previous year, no dividend has been declared.
STRATE
The JSE Securities Exchange South Africa and Share Transactions Totally
Electronic ("STRATE") recently informed the company of its move to the
electronic STRATE environment on 5 March 2001. 5 March 2001 indicates the date
as of which shareholders are able to submit their share certificates for
conversion into an electronic record ("dematerialisation"). Trading for
electronic settlement commenced on 26 March 2001 and the first electronic
settlement will take place on 2 April 2001. Shareholders are advised to
acquaint themselves with the requirements and implications of this change and
to consult STRATE, their stockbroker, advisor or the company for further
assistance.
Relevant information pertaining to the implementation of STRATE, a Central
Securities Depository Participant ("CSDP") Mandate Form and a Form of Surrender
will be mailed to shareholders together with the annual report.
For and on behalf of the board of directors
DH Wooldridge
Chief executive officer 30 March 2001
Transfer secretaries
Computershare Services Limited (Registration number 1958/003546/06)
3rd Floor, Edura, 41 Fox Street, Johannesburg 2001 (POBox 61051, Marshalltown
2107)
Registered office
54 De Havilland Crescent, Persequor Technopark, Pretoria 0002 (PO Box 199,
Persequor Park 0020)
Directors
DH Wooldridge (Chief executive officer and acting chairman), PJ McDonald
(Financial director), JDP van Zyl, N Wessels (Operations director)
Group secretary
PJ McDonald CA(SA)
Non-executive directors
J Adriaanse, A Frense, H Kappetijn (Dutch), JA Strijdom, J van Deventer, DH van
Papendorp
http://www.apstherapy.com
