| Wed 31 Mar 2004, 9:41 | | Results For The Year Ended 31 December 2003 |
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Aps Technologies Limited - Audited Results For The Year Ended 31 December 2003
Release Date: 31/03/2004 08:09:52 Code(s): APE
APS Technologies Limited - Audited results for the year ended 31 December 2003
APS Technologies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/024100/06)
the Company or the Group)
Short name: APS-TECH
Share code: APE
ISIN: ZAE000017927Audited results for the year ended 31 December 2003
Abridged consolidated income statements
for the year ended ended 31 December
Audited Audited
12 months 12 months
31 December 31 December
2003 2002
R000 R000
Revenue 2 907 9 772
Operating profit/(loss) for the
year (720) 937
Other operating income 52 111
Profit of sale of assets/disposal of
foreign entities 784 31
Bad debts written off (288) (488)
Provision for slow-moving and
obsolete stock (199) (248)
Operating profit/(loss) before
amortisation and depreciation (371) 343
Amortisation and depreciation (889) (2 594)
Operating profit/(loss) after
amortisation and depreciation (1 260) (2 251)
Net interest (paid)/received (487) (480)
(Loss)/Profit before exceptional
items (1 747) (2 731)
Exceptional items (234) (5)
(Loss)/Profit before taxation (1 981) (2 736)
Taxation (49)
Attributable (loss)/income (1 981) (2 785)
Weighted number of ordinary shares
in issue (000) 116 287 116 287
(Loss)/Earnings per share (cents) (1,70) (2,39)
Headline (loss)/earnings per
share (cents) (1,62) 0,39
Reconciliation of headline (loss)/
earnings per share
Attributable (loss)/income (1 981) (2 785)
Profit on sale of assets (111) (31)
Transfer of disposal of foreign
entities (577)
Amortisation of intangible assets 791 2 348
Cost of investment written down 919
Restructuring costs
Headline (loss)/earnings (1 878) 451
Abridged consolidated balance sheets
as at 31 December
Audited Audited
31 December 31 December
2003 2002
R000 R000
Assets
Non-current assets 439 4 728
Property, plant and equipment 301 3 233
Intangibles and deferred expenditure 92 882
Loans 46 613
Current assets 1 924 2 956
Inventories 1 438 1 815
Accounts receivable 220 1 131
Cash and cash equivalents 260 9
Receiver of revenue 6 1
Total assets 2 363 7 684
Equity and liabilities
Capital and reserves 167 2 725
Share capital and premium 16 095 16 095
Non-distributable reserves 2 151
Accumulated loss (15 928) (15 521)
Non-current liabilities 1 440 338
Long-term liabilities 1 440 338
Current liabilities 756 4 621
Bank overdraft 3 644
Accounts payable 703 940
Short-term portion of long-term
liability 53 37
Total equity and liabilities 2 363 7 684
Total number of ordinary shares
issued (000) 116 287 116 287
Abridged consolidated statement of changes in equity
for the year ended 31 December 2003
Accumu-
Trans- Re- lated
Share Share lation valuation (loss)/
capital premium reserve reserve profit Total
R000 R000 R000 R000 R000 R000
Balance at 1 January 2002 116 15 979 577 (12 736) 3 936
Revaluation 1 574 1 574
Net profit for the year (2 785) (2 785)
Balance at 1 January 2003 116 15 979 577 1 574 (15 521) 2 725
Transfer of revaluation
reserve (1 574) 1 574
Transfer of disposal of a
foreign entity (577) (577)
Net profit for the year (1 981) (1 981)
Balance as at
31 December 2003 116 15 979 (15 928) 167
Abridged consolidated cash flow statements
for the year ended 31 December
Audited Audited
12 months 12 months
31 December 31 December
2003 2002
R000 R000
Cash flow from operating
activities (685) (450)
Cash flow from investing
activities 3 478 (312)
Cash flow from financing
activities 1 102 (216)
Net increase/(decrease) in cash 3 895 (978)
Cash at beginning of year (3 635) (2 657)
Cash at end of year 260 (3 635)
Comments
OverviewDuring March 2003 the Company experienced severe cash flow problems and
a threatening liquidation was prevented by an international investor acquiring a
substantial stake in the Company and investing sufficient funds to keep the
Company solvent.
As part of the rescue plan, a major restruture was embarked upon, entailing
amongst others the re-location of the factory and head office to Hermanus, the
retrenchment of personnel and appointment of new distributors both locally and
internationally.With all the uncertainty surrounding the Company, it was
expected that the sales would decrease during the year under review.The
directors are optimistic that the Company will grow from a small overhead base
to regain profitability during the new year.
Income statement itemsThe following items, due to their size and unusual nature,
have been charged to the operating loss during the interim period:
Bad debtsBad debts to the amount of R288 400 have been written off due to the
inability of some distribution agents to repay their debts. New distributors
have been appointed and measures have been put in place to prevent future
losses.
InventoryAt 31 December 2003, the inventory amount is R1 437 695 after the
provision of R199 338 was made for slow moving and obsolete stock.
Restructuring costA cost of R233 704 was incurred during the year as a result of
the reorganisational programme such as retrenchments and relocation costs.
Balance Sheet ItemsProperty, plant and equipmentAs a result of the
reorganisation programme, there was a major disposals of assets at book value.
The cost of the assets reduced by an amount of R2 800 000. The profit on
disposal of assets was R206 576. Part of this profit was a recovery of
depreciation, an amount of R95 376.As a result of the relocation of the factory,
the initial building in Pretoria was sold for a consideration of R2 911 200 to
an unrelated third party.
Bank overdraftAll bank overdrafts have been repaid.
Consolidation of Share TrustPreviously the APS Share Trust was not consolidated
in the Group financial statements. This was corrected in the current year and
the comparative figures have been restated. The result thereof was that the
Interest in subsidiaries, previously stated as R15 213, has changed to nil, and
the share capital and premium of the Group was adjusted by the same amount. The
consolidation was corrected according to AC132 and the adjustment made was a
movement in the balance sheet of the Group, as the Trust only holds shares in
the Company.
Accounting policiesThe consolidated condensed annual financial statements have
been prepared in accordance with South African Statements of Generally Accepted
Accounting Practice.
Accounting Practices of South Africa.These annual financial statements, for the
year ended 31 December 2003, were prepared in accordance with normal accounting
policies as set out in previous years.
Audit opinionThe consolidated financial statements for the year ended 31
December 2003 have been audited by Logista Inc and they have qualified the
results as they are of the opinion that they are unable to satisfy themselves as
to the appropriateness of applying the going concern basis due to the
uncertainty of the Group to generate adequate cash flow from operating and
investing activities in the foreseeable future to finance the operations and to
repay debts.The auditors opinion and audited results are available for
inspection at the Companys registered address.
DirectorsThere has been no change in the directorate since the last published
interim results.
DividendIn line with the previous year, no dividend has been declared.
For and on behalf of the Board
WH Monsma N Wessels 31 March 2004Chairman Chief
executive officer Hermanus
Transfer secretaries: Computershare Limited (Registration number 1958/003546/06)
70 Marshall Street, Marshalltown, Johannesburg 2001 (PO Box 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
