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ZPT
ZPT
ZPT - Zaptronix Limited - Condensed un-audited interim results for the six
months ended 29 February 2012
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 29 FEBRUARY 2012
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT
29 February 2012
29-Feb-12 31-Aug-11 28-Feb-11
(Un-audited) (Audited) (Un-audited)
R`000 R`000 R`000
Assets
Non-current assets
Property, plant and equipment 8 044 8 815 7 979
Intangible assets 3 922 4 150 1 859
Current assets
Inventories 3 697 2 783 3 521
Trade and other receivables 11 768 9 055 15 373
Cash and cash equivalents 772 216 1 275
Total assets 28 203 25 019 30 007
Equity and liabilities
Equity
Share capital 29 632 29 632 29 632
Reserves 9 518 9 518 9 518
Accumulated loss (37 383) (34 538) (24 456)
Liabilities
Non-current liabilities
Other financial liabilities 10 538 8 755 5 786
Deferred tax - 232
Current liabilities
Trade and other payables 13 118 9 381 4 182
Other financial liabilities 2 426 1 964 5 113
Current tax payable 354 307
Total equity and liabilities 28 203 25 019 30 007
Number of shares in issue 379 318 934 379 318 934 379 318 934
Net asset value per share (cents) 0.47 1.22 3.87
Tangible net asset value per (0.57) 0.12 3.38
share (cents)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX
MONTHS ENDED
29 FEBRUARY 2012
29 Feb 12 31 Aug 11 28 Feb 11
(Un-audited) (Audited) (Un-audited)
R`000 R`000 R`000
Revenue 14 127 27 850 17 736
Gross profit 10 042 21 278 14 067
Operating costs (11 510) (28 558) (12
384)
Operating (loss)/profit (1 468) (7 280) 1 683
(EBITDA)
Depreciation and (997) (1 900) (816)
amortisation
Net (loss)/profit before (2 465) (9 180) 867
interest and taxation
Interest paid (380) (740) (50)
Interest received 431 9
(Loss)/profit before (2 845) (9 489) 826
taxation
Taxation - 233 -
(Loss)/profit for the (2 845) (9 256) 826
period
Total comprehensive (2 845) (9 256) 826
(loss)/profit attributable
to the equity holders of
the parent
Basic earnings per share (0.75) (2.44) 0.22
(cents)
Headline earnings per (0.75) (2.31) 0.22
share (cents)
Reconciliation of headline
earnings:
Net (loss)/profit (2 845) (9 256) 826
attributable to ordinary
shareholders
Adjusted for impairment of - 500 -
assets
Headline (loss)/earnings (2 845) (8 756)
attributable to ordinary 826
shareholders
Number of shares in issue
379 318 934 379 318 934 379 318 934
Diluted number of shares
819 319 934 819 318 934 819 319 934
Basic (loss)/earnings per
share (0.75) (2.44) 0.22
Diluted basic
(loss)/earnings per share (0.35) (1.13) 0.10
Headline (loss)/earnings
per share (0.75) (2.31) 0.22
Diluted headline (loss)/
earnings per share (0.35) 0.10
(1.07)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX
MONTHS ENDED
29 FEBRUARY 2012
Share
capital Reserves Accumulated Total
loss
Balance at 1
September 2010
as restated 29 632 9 518 (25 282) 13 868
Profit for the 6 826 826
months
Balance at 28 29 632 9 518 (24 456) 14 694
February 2011
Loss for the 6 months (10 082) (10 082)
Balance as at 31 29 632 9 518 (34 538) 4 612
August 2011
Loss for the 6 months (2 845) (2 845)
Balance as at 29 29 632 9 518 (37 383) 1 767
February 2012
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS FOR THE SIX MONTHS ENDED
29 FEBRUARY 2012
29 Feb 12 31 Aug 11 28 Feb 11
(Un-
(Un-audited) (Audited) audited)
R`000 R`000 R`000
Cash flows from operating
activities
Cash (used)/ generated (1 468) (6 780) 1 683
from/by operations
Increase/(decrease) in 112 11 330 (9 701)
working capital
Finance income - 431 9
Finance costs (380) (740) (50)
Net cash (by)/from (1 736) 4 241 (8 059)
operations
Cash flows from investing
activities
Property, plant and - (2 134) (3 919)
equipment
Intangible assets - (2 654)
(1126)
Net cash flow from - (4 788) (5 045)
investing activities
Cash flow from financing
activities
Vendor shares net of 9 398
acquisition loss
Proceeds from other 1 113 5 648
financial liabilities 2 292
Repayment of other - (2 798) (3 115)
financial liabilities
Net cash flow from 2 292 (1 685) 11 931
financing activities
Total cash movement for 556 (2 232) (1 173)
the period
Cash at the beginning of 216 2 448 2 448
the period
Total cash at end of the 772 216 1 275
period
SEGMENT REPORT
The group has identified the following segments
Fleet Management
RMS Technology
Site Risk Solutions (Previously called I to I)
Metering and Corporate
29 February
2012
Segment Fleet RMS Meterin Site Risk Elimina Total
Information g and tion
Manage Technolo Corpora Solutions
ment gy te
R`000 R`000
R`000 R`000 R`000 R`000
Revenue 4 807 619 997 7 984 (280) 14 127
External 4 807 339 997 7 984 14 127
revenue
Internal 280 (280)
revenue
Operating (2 (736) (2 547) (5 390) (11 510)
Expenses 837)
External (2 -736 (2 547) (5 390) (11510)
operating 837)
expenses
Internal
operating
expenses
Operating 805 (214) (1 870) (1 186) (2 465)
profit
Finance costs (101) (5) (270) (4) (380)
Segment result 704 (219) (2 140) -1 190 (2 845)
Profit before
tax
Taxation
Profit after (2845)
taxation
29 February
2012
Segment Fleet RMS Meterin Site Risk Elimina Total
Information g and tion
Manage Technolo Corpora Solutions
ment gy te
R`000 R`000
R`000 R`000 R`000 R`000
Segment assets 10 853 1 432 8 564 7 354 28 203
Segment 10 264 1 231 8 210 6 731 26 436
liabilities
28 February
2011
Segment Fleet RMS Meterin Site Risk Elimina Total
Information g and tion
Manage Technolo Corpora Solutions
ment gy te
R`000 R`000
R`000 R`000 R`000 R`000
Revenue 5 538 245 519 11 599 (165) 17 736
External 5 538 80 519 11 599 17 736
revenue
Internal 165 (165)
revenue
Operating (3 (231) (1 325) (7 578) (12 384)
Expenses 250)
External (3 (231) (1 325) (7 578) (12 384)
operating 250)
expenses
Internal
operating
expenses
Operating 1 093 (859) (70) 703 867
profit
Investment 7 2 9
income
Finance costs (34) (14) (2) (50)
Segment result 1 066 (859) (82) 701 826
Profit before
tax
Taxation -
Profit after 826
taxation
28 February
2011
Segment Fleet RMS Meterin Site Risk Elimina Total
Information g and tion
Manage Technolo Corpora Solutions
ment gy te
R`000 R`000 R`000
R`000 R`000 R`000
Segment assets 9 569 2 810 7 174 10 454 30 007
Segment 8 552 488 5 218 1 055 15 313
liabilities
COMMENTARY
1.1 Basis for preparation
The interim financial statements for the 6 months ended 29
February 2012 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 2011.
1.2 Financial review
The revenue for the six months is on course to be comparable to the revenue
for the financial year 2011. The issue to highlight is the reduction in
operating costs. Despite this improvement the group still suffered a loss
of R2.845 million. The loss is due to the cost of down sizing of the group
rolling into the first quarter of the current financial year. The full
benefit of the cost savings only materialised during the second quarter,
which showed the divisions returning to profitability. The first quarter of
2012 accounted for 70% of the reported loss for the review period. The
group announced contracts being awarded to the group during the release of
the 2011 Financial Statements. These contracts took longer than expected to
be implemented as customers used the December closure to install the
security, access control and Fire detection systems. The full benefits of
these contracts were only realised from December onwards. The company has
completed the circular for the purchase of the I to I assets which have
been posted to shareholders. Shareholders will be required to vote in
respect of the transaction at the General Meeting on 8 June 2012.
1.3 Operational review
The Zaptronix group of companies operates three businesses: Zaptronix
Metering, Duo Tracking Services and the Site Risk Solutions (the I to I
assets)
The economic recovery has seen an increase in prospects as well as the
conversion of prospects into transactions; however the margins remain under
pressure. The cost cutting measures introduced during the last year
continues to provide the group not only with lower costs but also with
improved pricing for the group`s products and services.
1.4 Future prospects
As the I to I transaction has taken much longer than hoped or anticipated
the successful conclusion will allow management to focus on the business
fully and apply the energy to grow and exploit the product and service
offerings for the benefit of all the stakeholders. It will also allow
management 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. Although the act has not
been implemented, interest in the group`s meters and meter services have
grown and improved sales have been recorded. Due to this 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 upgrade its application and systems which will allow Zaptronix
to return to profitability as a niche player in this industry.
1.5 Dividend
No dividend has been proposed.
For and behalf of the board of directors
N Melville (Independent Chairman) K Gribnitz (Non- Executive) JP Nel (CEO) A J
Botes (CFO)
30 May 2012
Midrand
Auditors: PKF (Gauteng) Incorporated Secretary: Sylvan CSI (Pty) Ltd
Transfer secretaries: Computershare Investor Services (Pty) Ltd
Designated Adviser: Exchange Sponsors (2008) (Pty) Ltd
Date: 30/05/2012 13:43:01 Produced by the JSE SENS Department.
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