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APS Technologies Limited - Reviewed results for the six months ended 30 June
2003
APS Technologies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/024100/06)
("the Company")
Short name: APS-TECH; Share code: APE; ISIN: ZAE000017927
Reviewed results for the six months ended 30 June 2003
Abridged consolidated income statement
for the six months ended 30 June
Reviewed Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2003 2002 2002
R"000 R"000 R"000
Revenue 1 514 6 485 9 772
Operating (loss)/profit for
the period (728) 2 221 980
Other operating income 52 57 142
Transfer of disposal of a
foreign entity 577 - -
Bad debts written off (230) (9) (488)
Provision for slow-moving and
obsolete stock (222) (472) (248)
Operating (loss)/profit before
amortisation and depreciation (550) 1 798 386
Amortisation and depreciation (844) (1 398) (2 590)
Operating (loss)/profit after
amortisation and depreciation (1 394) 400 (2 204)
Net interest (paid)/received (315) (235) (572)
(Loss)/Profit before exceptional
items (1 709) 166 (2 731)
Exceptional items - - (5)
(Loss)/Profit before taxation (1 709) 166 (2 736)
Taxation - - (49)
Attributable (loss)/income (1 709) 166 (2 785)
Weighted number of ordinary
shares in issue ("000) 131 500 131 500 131 500
(Loss)/Earnings per share (cents) (1,30) 0,13 (2,21)
Headline (loss)/earnings per
share (cents) (1,15) 1,07 0,35
Reconciliation of headline
(loss)/earnings
Attributable (loss)/income (1 709) 166 (2 785)
Profit on sale of assets (16) - (31)
Transfer of disposal of a foreign
entity (577) - -
Amortisation of intangible assets 791 1 235 2 348
Cost of investment written down - - 919
Restructuring costs - 5 5
Exceptional items - -
Headline (loss)/earnings (1 511) 1 406 456
Abridged consolidated balance sheets
as at 30 June
Reviewed Unaudited Audited
30 June 30 June 31 Dec
2003 2002 2002
R"000 R"000 R"000
ASSETS
Non-current assets 3 261 4 302 4 739
Property, plant and equipment 3 159 1 462 3 233
Intangibles and deferred
expenditure 92 2 840 882
Investments - - -
Loans 11 - 624
Deferred tax assets - - -
Current assets 1 777 3 587 2 956
Inventories 1 458 2 337 1 815
Accounts receivable 266 1 103 1 131
Cash and cash equivalents 47 98 9
Receiver of revenue 6 50 1
Total assets 5 039 7 889 7 695
EQUITY AND LIABILITIES
Capital and reserves 457 4 104 2 742
Share capital and premium 16 112 16 112 16 112
Non-distributable reserves 1 574 577 2 151
Accumulated loss (17 229) (12 586) (15 521)
Non-current liabilities 1 153 354 339
Long-term liabilities 1 153 354 339
Deferred taxation - - -
Current liabilities 3 429 3 432 4 614
Bank overdraft 2 787 2 283 3 644
Accounts payable 605 1 149 933
Short-term portion of long-term
liability 37 - 37
Taxation - - -
Total equity and liabilities 5 039 7 889 7 695
Net asset value per share (cents) 3,83 6,00 3,39
Total number of ordinary shares
issued ("000) 131 500 131 500 131 500
Abridged consolidated cash flow statementS
for the six months ended 30 June
Reviewed Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2003 2002 2002
R"000 R"000 R"000
Cash flow from operating
activities 26 717 (450)
Cash flow from investing
activities 633 (20) (313)
Cash flow from financing
activities 237 (227) (217)
Net decrease in cash 896 470 (979)
Cash at beginning of period (3 636) (2 655) (2 657)
Cash at end of period (2 740) (2 185) (3 636)
Abridged consolidated statement of changes in equity
for the six months ended 30 June 2003
Accumu-
Trans- Re- lated
Share Share lation valuation (loss)/
capital premium reserve reserve profit Total
R"000 R"000 R"000 R"000 R"000 R"000
Balance at 1
January 2002 132 15 980 577 - (12 736) 3 953
Revaluation of
property - - - 1 574 - 1 574
Net loss for
the period - - - - (2 785) (2 785)
Balance at 1
January 2003 132 15 980 577 1 574 (15 521) 2 742
Transfer of
disposal of a
foreign entity - - (577) - - (577)
Net loss for
the period - - - - (1 709) (1 709)
Balance as at
30 June 2003 132 15 980 - 1 574 (17 230) 456
COMMENTS
Accounting policies
These consolidated condensed interim financial statements have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice. 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 2002.
These interim financial statements should be read in conjunction with the 2002
annual financial statements. The auditors, Logista Incorporated, have reviewed,
but did not audit the interim financial results. The auditor"s review report is
available for inspection at the Company"s registered office.
Operating loss
Due to restructuring, which included the transfer of the entire operation to
Hermanus. The operation was negatively impacted, resulting in a loss.
The following items, due to their size and unusual nature, have been charged to
the operating loss during the interim period:
Bad debts
Bad debts to the amount of R229 857 had been written off due to the inability of
some distribution agents to repay their debts.
Inventory
At 30 June 2003, the inventory amount is R1 458 380 after a provision of R221
597 was made for slow-moving and obsolete stock.
Restructuring cost
The cost of R137 187 were incurred during the first six month of the year as a
result of the reorganisational programme such as retrenchments and
transportation costs.
The factory has been relocated to Hermanus.
Property, plant and equipment
As a result of the reorganisation programme, there were major disposals of
assets at book value. The cost of the assets were reduced by an amount of R1 059
042. The profit on disposal of assets was R15 482.
After the balance sheet date
As a result of the relocation of the factory to Hermanus, the building in
Pretoria was sold for a consideration of R2 913 200, to an unrelated third
party, resulting in a profit of R113 200.
Prospects
According to a conservative budget, earnings are expected to improve in the next
financial period.
Dividend
No dividend has been declared due to the loss incurred.
For and on behalf of the Board
WH Monsma N Wessels 18 September 2003
Chairman Chief executive officer Hermanus
Transfer secretaries
Computershare Limited
(Registration number 1958/003546/06)
70 Marshall Street, Marshalltown, Johannesburg 2001
(POBox 61051, Marshalltown 2107)
Registered office
9-on-College, College Road, Hermanus 7200
PO Box 5191, Hermanus 7200
Directors
WH Monsma# (Chairman), N Wessels (Chief executive officer), C Pelly*, JGL
Uytdewilligen*# RE Blaauw*#
(*Non-executive) (#Dutch)
Group secretary
N Wessels
Internet address
http://www.apstherapy.com
Date: 18/09/2003 05:21:01 PM Produced by the JSE SENS Department
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