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Zaptronix Limited -
ZAPTRONIX LIMITED
(Registration number 1997/014928/06)
(JSE Code: ZPT ISIN Code: ZAE000015145)
("Zaptronix")
AUDITED RESULTS FOR THE TWELVE MONTHS ENDED 30 APRIL 2003
AUDITED RESULTS FOR THE TWELVE MONTHS ENDED 30 APRIL 2003
Consolidated income statements
Audited for Audited for
the 12 months the 12 months
ended ended
30 April 2003 30 April 2002
R"000 R"000
Revenue
2,244 9,130
- Continuing operations
2,244 680
- Discontinued operations
- 8,450
Net operating loss before
interest, depreciation
and exceptional items
(4,079) (7,899)
- Continuing operations
(4,079) (6,070)
- Discontinued operations
- (1,829)
Depreciation and other non
cash items (3,767) (2,086)
- Continuing operations
(3,767) (491)
- Discontinued operations
- (1,595)
Net operating loss before
interest and exceptional items (7,846) (9,985)
Exceptional items
(3,500) (13,441)
Net operating loss before
interest (11,346) (23,426)
Interest received
130 323
Finance costs
(1) (34)
Net operating loss after
interest (11,217) (23,137)
Share of associate profit
(loss) 168 (394)
Net loss before taxation
(11,049) (23,531)
Taxation
1,026 410
Net loss after taxation
(10,023) (23,121)
Net loss for the period
(10,023) (23,121)
Reconciliation to headline
loss:
Net loss for the year
(10,023) (23,121)
Adjusted for exceptional
items 3,500 13,441
Headline loss
(6,523) (9,680)
Headline loss per ordinary
share (cents) (4.50) (6.68)
Loss per ordinary share
(cents) (6.92) (15.97)
Weighted average number of
shares (000"s) 144,805 144,805
Consolidated cash flow
statements
Audited for Audited for
the 12 months the 12 months
ended ended
30 April 2003 30 April 2002
R"000 R"000
Cash utilised by operations
(3,438) (7,048)
- Continuing operations
(3,438) (2,496)
- Discontinued operations
- (4,552)
Net investment income
129 289
- Continuing operations
129 289
- Discontinued operations
- -
Taxation paid
- (4)
- Continuing operations
- (4)
- Discontinued operations
- -
Net cash utilised for
operating activities (3,309) (6,763)
Net cash flow generated
(utilised) in investing 331 (718)
activities
- Continuing operations
331 (1,458)
- Discontinued operations
- 740
Net change in cash and cash
equivalents (2,978) (7,481)
Cash and cash equivalents at
the beginning of the year 3,159 10,640
Cash and cash equivalents at
the end of the year 181 3,159
Consolidated balance sheets
Audited at Audited at
30 April 2003 30 April 2002
R"000 R"000
ASSETS
Fixed assets and intangibles
2,059 6,091
Investments
652 3,983
Current assets excluding cash
373 1,894
Cash and cash equivalents
181 3,159
Total assets
3,265 15,127
EQUITY AND LIABILITIES
Share capital and premium
26,749 26,749
Accumulated losses
(24,417) (14,394)
Share capital and reserves
2,332 12,355
Deferred tax
428 1,454
Total capital and reserves
2,760 13,809
Current liabilities
505 1,318
Total equity and liabilities
3,265 15,127
Net asset value per share
(cents) 1.61 8.53
Net tangible asset value per
share (cents) 0.49 5.05
Cash value per share (cents)
0.13 2.18
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.
(3) The financial statements have been audited by Moores Rowland whose audit
opinion is available for inspection at the registered office of the
company.
Statement of changes in equity
Audited for Audited for
the twelve the twelve
months months
ended ended
30 April 2003 30 April 2002
R"000 R"000
Balance at beginning of the
year 12,355 42,320
Net loss
(10,023) (23,121)
Foreign currency translation
reserve - 29
Outside shareholders
- (4)
Reversed on sale of assets
- (6,869)
Balance at end of the year
2,332 12,355
Comment
Throughout this year the company has further reduced its overheads and with the
gradual increase in turnover from continuing operations has reached a breakeven
point, although this was only achieved subsequent to the financial year ended
April 2003. The company has written down capitalized IP (Intellectual Property)
to reflect a more realistic expectation, in line with the slowdown in the smart
card and related industries. The losses for the year reflect the balance of the
downsizing of the business and a large proportion of amortised costs.
The exceptional items in the current year are write-downs of investments to
realisable value. A number of proposals from potential partners are being
assessed and will be evaluated on the basis of ensuring maximum shareholder
return. In light of this year"s continued restructuring a number of board
changes have taken place, including the discussions to add two BEE directors to
the board, to more accurately reflect the interests of the current operational
business; Messrs Brews, Fujiwara, Gorrie and Heath resigned during the year.
It should be noted that although a number of promising proposals are currently
being assessed, a major shareholder, Hitachi, decided to sell their shares, once
again reflecting Hitachi"s disinterest as shareholder.
The ongoing business remains dependant on the conclusion of further contracts,
the sale of Intellectual Property or the recapitalisation of the business.
Accordingly, the financial statements will include an emphasis of matter
regarding the going concern. We thank our shareholders, staff, partners and
customers for their continued support.
The Board
30 July 2003
Date: 30/07/2003 05:15:16 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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