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ZAPTRONIX LIMITED
(Registration number: 1997/014928/06)
(Incorporated in the Republic of South Africa)
Share Code: ZPT ISIN Code ZAE000015145
INTERIM REPORT
Group unaudited results for the six months ended 31 October 2002 were as
follows:
Consolidated income statement
Unaudited for Unaudited for Audited for
the six months the six months the twelve months
ended ended ended
31 October 2002 31 October 2001 30 April 2002
R`000 R`000 R`000
Revenue
1,283 6,613 9,130
- Continuing
operations 1,283 17 680
- Discontinued
operations - 6,596 8,450
Net operating
loss before (2,479) (4,464) (7,899)
interest,
depreciation and
exceptional items
- Continuing
operations (2,479) (3,325) (6,070)
- Discontinued
operations - (1,139) (1,829)
Depreciation and
other non cash (1,170) (2,553) (2,086)
items
- Continuing
operations (1,170) (1,471) (491)
- Discontinued
operations - (1,082) (1,595)
Net operating
loss before (3,649) (7,017) (9,985)
interest and
exceptional items
Exceptional
items - closure 53 - (13,441)
costs and write
off of
development costs
Net operating
loss before (3,596) (7,017) (23,426)
investment income
Investment
income 103 233 323
Finance costs
(0) - (34)
Net operating
loss after (3,493) (6,784) (23,137)
investment income
Share of
associate loss (9) (126) (394)
Net loss before
taxation (3,502) (6,910) (23,531)
Taxation
549 1,996 410
Net loss after
taxation (2,953) (4,914) (23,121)
Outside
shareholders` - 27 -
interest
Net loss for the
period (2,953) (4,887) (23,121)
Reconciliation
to headline loss:
Net loss for the
period (2,953) (4,887) (23,121)
Adjusted for
exceptional items (53) - 13,441
Headline loss
(3,006) (4,887) (9,680)
Headline loss
per ordinary (2.1) (3.4) (6.7)
share (cents)
Loss per
ordinary share (2.0) (3.4) (16.0)
(cents)
Weighted average
number of shares 144,805 144,805 144,805
(000`s)
Consolidated income statement
Unaudited for Unaudited Audited fo
for
the six months the six the twelv
months months
ended ended ende
31 October 31 October 30 Apri
2002 2001 2002
R`000 R`000 R`00
Revenue
1,283 6,613 9,130
- Continuing operations
1,283 17 680
- Discontinued operations
- 6,596 8,450
Net operating loss before interest,
depreciation and exceptional items (2,479) (4,464) (7,899)
- Continuing operations
(2,479) (3,325) (6,070)
- Discontinued operations
- (1,139) (1,829)
Depreciation and other non cash
items (1,170) (2,553) (2,086)
- Continuing operations
(1,170) (1,471) (491)
- Discontinued operations
- (1,082) (1,595)
Net operating loss before interest
and exceptional items (3,649) (7,017) (9,985)
Exceptional items - closure costs
and write off of development costs 53 - (13,441)
Net operating loss before
investment income (3,596) (7,017) (23,426)
Investment income
103 233 323
Finance costs
(0) - (34)
Net operating loss after investment
income (3,493) (6,784) (23,137)
Share of associate loss
(9) (126) (394)
Net loss before taxation
(3,502) (6,910) (23,531)
Taxation
549 1,996 410
Net loss after taxation
(2,953) (4,914) (23,121)
Outside shareholders` interest
- 27 -
Net loss for the period
(2,953) (4,887) (23,121)
Reconciliation to headline loss:
Net loss for the period
(2,953) (4,887) (23,121)
Adjusted for exceptional items
(53) - 13,441
Headline loss
(3,006) (4,887) (9,680)
Headline loss per ordinary share
(cents) (2.1) (3.4) (6.7)
Loss per ordinary share (cents)
(2.0) (3.4) (16.0)
Weighted average number of shares
(000`s) 144,805 144,805 144,805
Consolidated balance sheet
Unaudited Unaudited at Audited at
at
31 October 31 October 30 April
2002 2001 2002
R`000 R`000 R`000
ASSETS
Fixed assets and intangibles
4,613 29,066 6,091
Investments
3,974 4,251 3,983
Current assets excluding cash
1,603 4,386 1,894
Cash and cash equivalents
1,080 5,792 3,159
Total assets
11,270 43,495 15,127
EQUITY AND LIABILITIES
Share capital and premium
26,749 26,749 26,749
(Accumulated losses) / reserves
(17,347) 10,667 (14,394)
Share capital and reserves
9,402 37,416 12,355
Outside shareholders` interest
- 2 -
Deferred tax
905 2,818 1,454
Total capital and reserves
10,307 40,236 13,809
Current liabilities
963 3,259 1,318
Total equity and liabilities
11,270 43,495 15,127
Net asset value per share
(cents) 6.5 25.8 8.5
Net tangible asset value per
share (cents) 3.7 16.7 5.1
Cash value per share (cents)
0.7 4.0 2.2
Notes:
(1) No dividend will be declared.
(2) The accounting policies are consistent with those of prior years and are in
compliance with South African Statements of Generally Accepted Accounting
Practice.
Consolidated cashflow statement
Unaudited Unaudited Audited
for for for
the six the six the twelve
months months months
ended ended ended
31 October 31 October 30 April
2002 2001 2002
R`000 R`000 R`000
Cash utilised from
operations (2,044) (928) (7,048)
- Continuing
operations (2,044) (2,496)
- Discontinued
operations - (4,552)
Investment income
103 233 289
- Continuing
operations 103 233 289
- Discontinued
operations - - -
Taxation paid
- - (4)
- Continuing
operations - (4)
- Discontinued
operations - -
Net cash utilised for
operating activities (1,941) (695) (6,763)
Net cash flow utilised
in investing activities (138) (4,153) (718)
- Continuing
operations (138) (1,458)
- Discontinued
operations - 740
Net change in cash and
cash equivalents (2,079) (4,848) (7,481)
Cash and cash
equivalents at the 3,159 10,640 10,640
beginning of the period
Cash and cash
equivalents at the end 1,080 5,792 3,159
of the period
Statement in changes in equity
Unaudited Unaudited Audited
for for for
the six the six the twelve
months months months
ended ended ended
31 October 31 October 30 April
2002 2001 2002
R`000 R`000 R`000
Balance at beginning of
the period 12,355 42,320 42,320
Net loss
(2,953) (4,887) (23,121)
Foreign currency
translation reserve - 12 29
Outside shareholders
- (27) (4)
Reversed on sale of
assets - - (6,869)
Balance at end of the
period 9,402 37,418 12,355
Nature of the Business
The company is a developer/enabler of e-Business solutions, specifically payment
systems that use smart cards, the Internet and points-based rewards. It also has
an electrical division that specializes in the development of renewable energy
devices and metering systems.
Review of the Business
In the Annual Report dated 23 October 2002 we summarized the company`s situation
and the circumstances that lead to it. There is some outside interest in a
repackaged business, especially one that separates the company`s two main
activities into distinct vehicles. Although there are a few serious contenders,
no single contender is interested in both activities, nor in the listed vehicle
itself.
An added complication is that at a share price of 1c and a market capitalization
of R1.45m, it becomes extremely difficult to place a fair value on the
intellectual properties ("IP") owned by the company and even more difficult to
realise it.
As a result, we are working through a process with our advisors, which will
result in us approaching shareholders shortly, with a proposal to delist the
company. Such a proposal would in all likelihood request existing shareholders
to remain in as shareholders in two unlisted public companies with the same
equity structure. Clearly, room would have to be made for a significant new
shareholder to recapitalise each vehicle, subsequent to delisting.
Financial Results
The financial results for the period under review are shown above.
Although turnover on continuing operations is small, it is almost double the 12-
month turnover to April 2002 and looks set to continue on this trend as we
regroup the business. Operational expenditure has decreased considerably and net
operating loss is approximately half of the comparable period last year. Non
cash flow write off`s remain significant as capitalized development costs are
amortised.
The last of the assets relating to the Durban operation were sold in terms of
the authority given in the general meeting.
The ongoing business remains dependant on the conclusion of further contracts,
the sale of IP, or the recapitalization of the company as mentioned above.
Cautionary
Shareholders are advised that Zaptronix has entered into delisting discussions,
which, if successfully concluded, may have a material effect on the price of the
Company`s securities. Accordingly, shareholders are advised to exercise caution
when dealing in the Company`s securities until a full announcement is made.
By order of the board
JF Heath J Stratenwerth
Johannesburg
28 January 2003
Sponsor
Exchange Sponsors
Date: 31/01/2003 07:15:00 AM Produced by the JSE SENS Department
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