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APS Technologies Limited - Reviewed results for the six months ended 30 June
2004 - Amendment
APS Technologies Limited
(`APS` or `the Company`)
Registration number: 1998/024100/06
Short name: APS-TECH
Share code: APE
ISIN: ZAE000017927
WITH REFERENCE TO THE ANNOUNCEMENT RELEASED EARLIER ON SENS TODAY, KINDLY NOTE
THAT THE FOLLOWING SHOULD HAVE READ AS FOLLOWS:
Audited results for the six months ended 30 June 2004
Abridged consolidated income statements
for the period ended 30 June 2004
Audited Reviewed Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
Revenue 2 468 1 514 2 907
Operating profit/(loss) for
The period 730 (728) (804)
Other operating income 34 52 344
Transfer of disposal of a
Foreign entity - 577 577
Bad debts written off - (230) (288)
Provision for slow-moving and
obsolete stock (204) (222) (199)
Operating profit/(loss) before
amortisation and depreciation 560 (551) (370)
Amortisation and
Depreciation (133) (844) (889)
Operating profit/(loss) after
amortisation and depreciation 427 (1 395) (1 259)
Net interest (paid)/received (43) (315) (487)
(Loss)/Profit before exceptional
items 384 (1 710) (1 746)
Exceptional items - - (234)
(Loss)/Profit before taxation 384 (1 710) (1 980)
Taxation - - -
Attributable income/(loss) 384 (1 710) (1 980)
Weighted number of ordinary
shares in issue (`000) 116 287 131 500 116 287
(Loss)/Earnings per share
(cents) 0,33 (1,30) (1,70)
Headline (loss)/earnings per
share (cents) 0,39 (1,15) (1,62)
Reconciliation of headline
(loss)/earnings per share
Attributable (loss)/income 384 (1 709) (1 981)
Profit on sale of assets (21) (16) (111)
Transfer of disposal of a
foreign entity - (577) (577)
Amortisation of intangible
assets 92 791 791
Cost of investment written
down - - -
Restructuring costs - - -
Exceptional items - - -
Headline (loss)/earnings 455 (1 511) (1 878)
Abridged group balance sheets
at 30 June 2004
Audited Reviewed Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
ASSETS
Non-current assets 95 3 262 439
Property, plant and
equipment 95 3 159 301
Intangibles and deferred
expenditure - 92 92
Investments - - -
Loans - 11 46
Current assets 2 333 1 777 1 924
Inventories 1 394 1 458 1 438
Accounts receivable 813 266 220
Cash and cash equivalents 120 47 260
Receiver of revenue 6 6 6
Total assets 2 428 5 039 2 363
EQUITY AND LIABILITIES
Capital and reserves 551 457 167
Share capital and premium 16 095 16 112 16 095
Non-distributable reserves - 1 574 -
Accumulated profit (15 544) (17 229) (15 928)
Non-current liabilities 1 137 1 153 1 440
Long-term liabilities 1 137 1 153 1 440
Deferred taxation - - -
Current liabilities 738 3 429 756
Bank overdraft - 2 787 -
Accounts payable 738 605 703
Short-term portion of
long-term liability - 37 53
Taxation - - -
Total equity and
Liabilities 2 426 5 039 2 363
Total number of ordinary
shares issued (`000) 116 287 131 500 116 287
Abridged group cash flow statement
for the period ended 30 April 2004
Reviewed Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
Cash flow from operating
activities (19) 26 (685)
Cash flow from investing
activities 140 633 3 478
Cash flow from financing
activities (303) 237 1 102
Net decrease in cash (182) 896 3 895
Cash at beginning of period 260 (3 636) (3 635)
Cash at end of period 78 (2 740) 260
Abridged consolidated statement of changes in equity
for the period ended 30 June 2004
Trans- Re- Accumu-
Share Share lation valu- lated
capital premium reserve tion profit Total
reserve
R`000 R`000 R`000 R`000 R`000 R`000
Balance at
1 January
2003 116 15 979 577 1 574 (15 521) 2 725
Net loss
For
period - - - - (1 981) (1 981)
Transfer of disposal
of entity - - (577) - - (577)
Transfer of
revaluation
reserve - - - (1 574) 1 574 -
Balance at
1 January
2004 116 15 979 - - (15 928) 167
Net profit for
the period - - - - 384 384
Balance as at
30 June
2004 116 15 979 - - (15 544) 551
COMMENTS
Overview
As communicated to shareholders and the public in a SENS announcement on 4 June
2004, it was expected that the Company was to return to profitability during the
six months ended 30 June 2004. The board is thus happy to report a turnaround in
posting a net profit for the first six months ended 30 June 2004.
Highlights of the financial statements
Income statement
Turnover
Despite the strengthening of the rand against the major currencies, turnover
increased by 63% (R953 864) compared to the previous year`s interim results.
Exports contributed 85% towards this figure. The focus on international exports
will remain.
Net profit
Compared to a loss of R1 709 995 in the previous reported period, the Company
posted a net profit of R384 247.
Balance sheet
Property, plant and equipment
As reported in the year-end financials (31 December 2003) and in the interim
statements of the previous year, the building in Pretoria was sold when the
factory relocated to Hermanus. During the current year, a vehicle with a book
value of R174 016 was sold, resulting in a profit of R20 983.
Intangibles
The intangibles (patents and trademarks) have been amortised in full.
Bank overdrafts
All bank overdrafts have been repaid.
Net current assets
The net current assets improved by R3 246 831, largely as a result of the
repayment of the bank overdrafts.
Long-term liabilities
Since year-end (31 December 2003), long-term liabilities have also reduced by
R302 501.
Accounting policies
The consolidated interim financial statements have been prepared in accordance
with Statements of Generally Accepted Accounting Practices of South Africa.
These interim financial statements for the period ended 30 June 2004 were
prepared in accordance with normal accounting policies as set out in previous
years.
Audit opinion
The consolidated interim financial statements for the six months ended 30 June
2004 have been audited by Logista Inc. Except for any adjustments that may be
required if a going concern basis is inappropriate, in their opinion, the
abridged financial statements fairly present, in all material aspects, the
financial position of the company at 30 June 2004 and the results of its
operations and cash flows for the six months then ended in accordance with
Statements of Generally Accepted Accounting Practice and specifically relating
to AC127.
The auditors` audit opinion is available for inspection at the registered office
of the Company.
Directors
There has been no change in the directorate since the last published interim
results.
Dividend
No dividend has been declared for the interim period.
For and on behalf of the Board
WH Monsma N Wessels
Chairman Chief executive officer
21 July 2004 Hermanus
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited
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
Date: 22/07/2004 07:56:09 AM Produced by the JSE SENS Department
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