|
APS-TECH - INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
APS TECHNOLOGIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/024100/06)
("APS" or "the Company")
Short name: APS-TECH
Share code: APE - ISIN number: ZAE000017927
INCOME STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
Reviewed Unaudited Audited
six months six months 12 months
30 June 30 June 31 December
2002 2001 2001
R`000 R`000 R`000
Revenue 6 485 7 603 12 580
Operating profit/(loss)
for the period 2 221 (4 115) (6 415)
Other operating income 57 8 29
Bad debts written off (9) (5 678) (5 512)
Inventory write down - (850) (2 749)
Provision for slow moving
and obsolete stock (472) (1 437) (473)
Operating profit/(loss)
before amortisation
and depreciation 1 798 (12 072) (15 120)
Amortisation and
depreciation (1 398) (859) (2 883)
Operating profit/(loss)
after amortisation
and depreciation 400 (12 931) (18 003)
Net interest (paid)/received (235) 65 (134)
(Loss)/Profit before
exceptional items 166 (12 866) (18 137)
Exceptional items - (398) (560)
(Loss)/Profit before taxation 166 (13 264) (18 697)
Taxation - 2 165 (165)
Attributable (loss)/income 166 (11 099) (18 862)
Weighted number of
ordinary shares in
issue (`000) 116 287 124 727 116 287
(Loss)/Earnings per
share (cents) 0,14 (8,90) (16,22)
Headline (loss)/earnings
per share (cents) 1,21 (8,58) (13,39)
Reconciliation of headline
(loss)/earnings
per share
Attributable (loss)/income 166 (11 099) (18 862)
Amortisation of
intangible assets 1 235 - 2 231
Restructuring costs 5 - 505
Exceptional items - 398 560
Headline (loss)/earnings 1 406 (10 701) (15 566)
BALANCE SHEETS AS AT 30 JUNE 2002
Reviewed Unaudited Audited
30 June 30 June 31 December
2002 2001 2001
R`000 R`000 R`000
ASSETS
Non-current assets 4 302 10 272 5 690
Property, plant and
equipment 1 462 1 814 1 623
Intangibles and deferred
expenditure 2 840 5 891 4 067
Investments - 230 -
Loans - - -
Deferred tax assets - 2 365 -
Current assets 3 587 5 890 3 958
Inventories 2 337 4 204 3 027
Accounts receivable 1 103 1 545 736
Cash and cash equivalents 98 100 145
Receiver of revenue 50 41 50
Total assets 7 889 16 162 9 648
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders`
interest 4 104 11 653 3 938
Share capital and premium 10 041 10 214 10 042
Non-distributable reserves 577 529 577
Accumulated (loss)/profit (6 515) 910 (6 681)
Non-current liabilities 354 96 581
Long-term liabilities 354 96 581
Deferred taxation - - -
Current liabilities 3 432 4 413 5 129
Bank overdraft 2 283 2 472 2 800
Accounts payable 1 149 1 941 2 318
Short-term portion of
long-term liability - - 11
Taxation - - -
Total equity and liabilities 7 889 16 162 9 648
Net asset value per
share (cents) 6,78 9,34 3,39
Total number of shares
issued (`000) 116 287 124 727 116 287
CONSOLIDATED CASH FLOW STATEMENTS
for the six months ended 30 June 2002
Reviewed Unaudited Audited
six months six months 12 months
30 June 30 June 31 December
2002 2001 2001
R`000 R`000 R`000
Cash flow from operating
activities 717 (5 599) (7 505)
Cash flow from investing
activities (20) (1 083) (895)
Cash flow from financing
activities (277) (910) 525
Net increase/(decrease)
in cash 470 (7 592) (7 875)
Cash at beginning of
period (2 655) 5 220 5 220
Cash at end of period (2 185) (2 372) (2 655)
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2002
Trans- Accumu-
Share Share lation lated
capital premium reserve profit Total
R`000 R`000 R`000 R`000 R`000
Balance as at
1 January 2001 126 11 097 424 12 096 23 743
Transfers and
adjustments - - - 85 85
Net loss for period - - - (18 862) (18 862)
Shares acquired by
share purchase trust (10) (1 171) - - (1 181)
Currency translation
difference - - 153 - 153
Balance as at
1 January 2002 116 9 926 577 (6 681) 3 938
Net profit for
period - - - 166 166
Balance as at
30 June 2002 116 9 926 577 (6 515) 4 104
COMMENTS
ACCOUNTING POLICIES
These consolidated condensed interim financial statements have been prepared in
accordance with AC 127 and schedule 4 of the South African Companies Act. The
accounting policies used in the preparation of the interim financial statements
are consistent with those used in the annual financial statements for the year
ended 31 December 2001.
These interim financial statements should be read in conjunction with the 2001
annual financial statements. The auditors, Logista Incorporated, have reviewed,
but did not audit the interim financial results. The auditors` review report is
available for inspection at the Company`s registered office.
Highlights of the interim results are:
INCOME STATEMENT
The effect of the restructuring and rationalisation program implemented by
management during the first part of this year, can be seen in the return to
profitability of the Company.
Another factor that contributed towards the turnaround was the increase in
international sales for the six months, which accounted for 69,36% (R4,497
million) of total sales compared to 10,91% (R1,372 million), for the twelve
months ended 31 December 2001.
BALANCE SHEET
There is also an improvement in the balance sheet, with current liabilities down
by R1,697 million whilst long-term liabilities have decreased by R227 000 (total
improvement since 1 January 2001 of R1,924 million).
Net asset value per share has increased from the figure at the end of December
2001 of 3,39 cent to 6,78 cent.
PROSPECTS
The directors are confident that the changes effected will continue to produce
improved results.
For and on behalf of the directors
A de Beer N Wessels 19 August 2002
Chairman Chief executive officer Pretoria
Transfer secretaries: Computershare Investor Services Limited (Registration
number 1958/003546/06)
First Floor, Edura House, 41 Fox Street, Johannesburg 2001
(POBox 61051, Marshalltown 2107)
Registered office
54 De Havilland Crescent, Persequor Park, Pretoria 0002 (PO Box 199, Persequor
Park 0002)
Directors: A de Beer (Chairman), N Wessels (Chief executive officer), C Pelly*,
Dr UL Schmidt* (*Non-executive)
Group secretary: N Wessels
Internet address: http://www.apstherapy.com
Date: 19/08/2002 04:03:00 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
