|
Zaptronix Limited - Abridged Unaudited Financial Statements For The Six Months
Release Date: 02/02/2004 07:00:12 Code(s): ZPT
ZAPTRONIX LIMITED - ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS
ENDED 31 OCTOBER 2003, TRADING STATEMENT AND RENEWAL OF CAUTIONARY
ZAPTRONIX LIMITED
(Registration number 1997/014928/06)
Share code: ZPT ISIN: ZAE000015145
("Zaptronix" or "the company" or "the group")
ABRIDGED UNAUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 OCTOBER 2003, TRADING STATEMENT AND RENEWAL OF
CAUTIONARY
GROUP BALANCE SHEETS
Unaudited Audited Unaudited
At At At
(R"000) 31 Oct 30 Apr 31 Oct
2003 2003 2002
ASSETS
Non-current assets 2,620 2,710 8,587
Fixed assets and intangibles 1,969 2,059 4,613
Investments 651 651 3,974
Current assets 668 555 2,683
Accounts receivable and 511 374 1,603
inventory
Cash and cash equivalents 157 181 1,080
Total assets 3,288 3,265 11,270
EQUITY AND LIABILITIES
Capital and reserves 2,088 2,332 9,402
Share capital 26,749 26,749 26,749
Non-distributable reserve 168 168 -
Accumulated losses (24,829) (24,585) (17,347)
Non-current liabilities 428 428 905
Deferred tax 428 428 905
Current liabilities 772 505 963
Accounts payable and 772 505 963
provisions
Total equity and liabilities 3,288 3,265 11,270
Net asset value per share 1.4 1.6 6.5
(cents)
Net tangible asset value per 0.3 0.5 3.7
share (cents)
Number of shares ("000) 144,805 144,805 144,805
GROUP INCOME STATEMENTS
Unaudite Audited Unaudite
d Twelve d
Six months Six
months ended months
(R"000) ended 30 Apr ended
31 Oct 2003 31 Oct
2003 2002
Revenue 1,555 2,244 1,283
Cost of sales (828) (1,525) (410)
Gross profit 727 719 873
Operating costs (902) (4,821) (3,352)
Operating loss before (175) (4,102) (2,479)
interest, depreciation and
exceptional items
Depreciation and other non (98) (3,745) (1,170)
cash items
Exceptional items - closure - (3,500) (53)
costs and write off of
development costs
Net interest received - 129 103
Net operating loss after (273) (11,218 (3,493)
interest )
Share of associate 29 168 (9)
profit/(loss)
Net loss before taxation (244) (11,050 (3,502)
)
Taxation - 1,026 549
Net loss after taxation (244) (10,024 (2,953)
)
Adjusted for exceptional - (3,500) (53)
items
Headline loss (244) (13,524 (3,006)
)
Headline loss per share (0.2) (4.5) (2.1)
(cents)
Loss per share (cents) (0.2) (6.9) (2.0)
Weighted average number of 144,805 144,805 144,805
shares ("000)
GROUP STATEMENTS OF CHANGES IN EQUITY
Unaudit Audited Unaudit
ed Twelve ed
Six months Six
months ended months
(R"000) ended 30 Apr ended
31 Oct 2003 31 Oct
2003 2002
Balance at the beginning of 2,332 12,355 12,355
the period
Foreign currency translation - 1 -
reserve
Net loss for the period (244) (10,024) (2,953)
Balance at the end of the 2,088 2,332 9,402
period
GROUP CASH FLOW STATEMENTS
Unaudite Audited Unaudite
d Twelve d
Six months Six
months ended months
(R"000) ended 30 Apr ended
31 Oct 2003 31 Oct
2003 2002
Cash flows from operating (19) (3,317) (1,941)
activities
Cash utilised in operating 79 (3,116) (874)
activities
Net interest received - 129 103
Depreciation (98) (330) (1,170)
Cash flows from investing (5) 339 (138)
activities
Foreign currency translation - (1) -
reserve
Purchase of tangible assets (7) (109) -
Proceeds from sale of 2 449 -
tangible assets
Cash flows to expand - (138)
activities
Increase/(Decrease) in cash (24) (2,978) (2,079)
and cash equivalents
Cash and cash equivalents at 181 3,159 3,159
beginning of year
Cash and cash equivalents at 157 181 1,080
end of year
COMMENTARY
Financial results
The interim results for the six months ended 31 October 2003 reflect an improved
outlook for the Group. As a result of the decision to focus on the metering
solutions aspect of the business, the Group is able to report both a 73%
decrease in overheads and a 21% increase in revenue generated relative to the
comparable six months of 2002. The refocusing of the business also resulted in a
dramatic improvement in the cash flow position for the period. The directors
are confident that the metering business will be able to build on this improved
operational base during the forthcoming period.
Prospects
As reported in the annual financial statements, restructuring specialists,
Gandalf Trust, took control of the company during August 2003 with the intention
of unlocking value for shareholders. The board has investigated various
opportunities for the Group and is pleased to report that negotiations with a
potential partner have reached an advanced stage.
Accounting Policies
The accounting policies of the Group comply in all material respects with South
African Statements of Generally Accepted Accounting Practice and the Companies
Act of 1973. These policies are consistent with those applied to the 12 months
ended 30 April 2003.
Dividend
No dividend has been recommended or declared for the interim period.
For and on behalf of the board
KJ Gribnitz
Director
30 January 2004
Transfer secretaries Registered address
Computershare Services Ltd Mirkwood Estate
Klipkop - JR 396
Gauteng
TRADING STATEMENT
Shareholders are advised that the Group"s earnings for the financial year ending
30 April 2004 are likely to show a substantial (substantial being more than
30%) improvement compared to the previous year. Shareholders should take note
that the forecast financial information has not been reviewed nor reported on by
the Group"s auditors and they should therefore exercise caution in their
securities dealings until the publication of the relevant period"s financial
results.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised that the negotiations referred to in the cautionary
announcements dated 15 August 2003 and 30 October 2003 are continuing and, if
successfully concluded, may have a material effect on the price at which the
company"s securities trade on the JSE Securities Exchange South Africa.
Shareholders are accordingly advised to continue to exercise caution when
dealing in the company"s securities.
Corporate Advisor Sponsor
Radagast Capital (Pty) Ltd LPC Manhattan Sponsors (Pty) Ltd
| 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 ] | |||||||||||||
|
|||||||||||||
