|
ZPT Zaptronix - Abridged Audited Financial Results For The Year Ended 30 April 2004 Zaptronix Limited (Incorporated in the Republic of South Africa) (Registration number: 1997/014928/06) Share code: ZNT ISIN: ZAE000015145 (`Zaptronix` or `the company`) ABRIDGED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 APRIL 2004 BALANCE SHEET as at 30 April Group Group 2004 2003 R R ASSETS Noncurrent assets 1 084 249 2 710 242 Property, plant and equipment 174 223 435 669 Development cost 495 419 1 623 562 Investment in associate 414 607 651 011 Current assets 705 501 554 648 Inventory 251 592 110 304 Accounts receivable 215 608 263 193 Deposits 26 602 - Cash and cash equivalents 211 699 181 151 Total assets 1 789 750 3 264 890 EQUITY AND LIABILITIES Capital and reserves 133 688 2 331 822 Ordinary share capital 1 448 045 1 448 045 Share premium 25 301 075 25 301 075 Non-distributable reserve 167 907 167 771 Accumulated losses (26 783 339) (24 585 069) Noncurrent liabilities 375 093 427 934 Borrowings 375 093 - Deferred taxation - 427 934 Current liabilities 1 280 969 505 134 Accounts payable and accruals 977 699 501 921 Taxation - 3 213 Provisions 303 270 - Total equity and liabilities 1 789 750 3 264 890 Net asset value per share (cents) 0.09 1.61 Net tangible asset value per share (0.25) 0.49 (cents) INCOME STATEMENT for the year ended 30 April Group Group 2004 2003 R R Revenue 3 164 382 2 244 277 Cost of sales (1 691 776) (1 524 586) Gross profit 1 472 606 719 691 Other income 80 687 - Operating costs (3 943 106) (12 065 830) Operating loss before interest and (2 389 813) (11 346 139) taxation Net interest received 13 129 366 Net operating loss after (2 389 800) (11 216 773) investment income Share of associate profit/(loss) (236 404) 168 367 Net loss before taxation (2 626 204) (11 048 406) Taxation 427 934 1 025 675 Net loss for the period (2 198 270) (10 022 731) Reconciliation between loss and headline loss Net loss (2 198 270) (10 022 731) Loss on assets scrapped 93 945 - Impairment of investment 269 138 - Exceptional items - 3 500 000 Headline loss (1 835 187) 6 522 731 Loss per ordinary share (cents) (1.52) (6.92) Headline loss per ordinary share (1.27) (4.50) (cents) Weighted average number of shares 144 805 144 805 (`000) GROUP STATEMENT OF CHANGES IN EQUITY for the year ended 30 April 2004 Group Group 2004 2003 R R Balance at beginning of period 2 331 822 12 355 170 Foreign currency translation 136 (617) reserve Net loss for the period (2 198 270) (10 022 731) Balance at end of period 133 688 2 331 822 CASH FLOW STATEMENT for the year ended 30 April Group Group 2004 2003 R R Cash flows from operating (321 319) (3 316 888) activities Cash receipts from customers 3 295 644 2 803 743 Cash paid to suppliers and (3 613 763) (6 249 997) employees Cash utilised in operating (318 119) (3 446 254) activities Interest received 152 130 191 Interest paid (139) (825) Taxation paid (3 213) - Cash flows from investing (23 226) 338 963 activities Cash flow to maintain activities Furniture, fittings and (23 362) (109 410) equipment acquired Proceeds from sale of tangible - 448 990 assets Foreign currency translation 136 (617) reserve Cash flow from financing 375 093 - activities Loans raised/(repaid) 375 093 - Increase/(Decrease) in cash and 30 548 (2 977 925) cash equivalents Cash and cash equivalents at the 181 151 3 159 076 beginning of the year Cash and cash equivalents at the 211 699 181 151 end of the year REVIEW OF RESULTS AND OPERATIONS The financial results of the company and the group for the year under review reflect the ongoing restructuring of the group. Trading losses declined substantially in the 2004 financial year: an attributable loss of 1.5 cents per share (`cps`) and a headline loss of 1.3 cps were recorded compared to an attributable loss of 6.9 cps and a headline loss of 4.5 cps in 2003. Managementhas further optimised operational efficiencies by contracting out most support activities. A service agreement was entered into with DuO Solutions Provider Limited (`DuO`) for most of the administrative and financial functions, allowingthe Zaptronix core team to concentrate on the rollout and implementation of its revisited strategy. The improvement in the group`s cash flows from operating activities gives perhaps the best indication of the extent to which the turnaround in the business is taking effect: operational cash outflows in 2004 reduced to one- tenth of the outflow of R3.3 million in 2003. On the down side, the loss for the period translated into a deterioration in the group`s Net Asset Value to 0.1cps (2003: 1.6 cps). Excluding capitalised development costs, the group`s Net Tangible Asset Value amounted to a negative 0.3 cps as at 30 April 2004 (2003: positive 0.5 cps). PROSPECTS The end of the April-2004 reporting period marks a watershed for the company, operating at break-even levels with most strategic initiatives in place and the proposed reverse-acquisition of DuO, as detailed in the announcement to shareholders on 20 July 2004, on the horizon. Management is in the process of establishing representatives in all areas of its commercial activities, which process will also be aimed at facilitating the appointment of a strong strategicempowerment partner and/or shareholder, probably with board representation. Thedirectors are confident that the successful implementation of both the DuO transaction and the strategic initiatives of the combined entity should see a significantly improved financial and trading position by the end of the next annual reporting period. AUDIT REPORT The audit report issued by Compendium (Pretoria) Incorporated in respect of the year ended 30 April 2004 is unqualified, but contains an emphasis of matter to the effect that the ongoing business remains dependant on the conclusion of further contracts, the recapitalisation of the business and/or the successful conclusion of the DuO acquisition. The audit report is available for inspectionat the company`s registered office. ACCOUNTING POLICIES The accounting policies of the company comply in all material respects with South African Statements of Generally Accepted Accounting Practice and Schedule 4 of the Companies Act of 1973. These policies are consistent with those adopted during the previous financial year. DIVIDENDS No dividends were declared or recommended for the year. ANNUAL GENERAL MEETING Shareholders are advised that the annual general meeting will be held at 10:00 on Friday, 17 September 2004 at Upper Floor, Sihotha House, Gazelle Close, Corporate Park, Old Pretoria Road, Midrand. For and on behalf of the board KJ Gribnitz Chairman Midrand, 16 August 2004 Directors: J Stratenwerth (Executive), KJ Gribnitz*, PE du Preez*, JP Nel* (*Non-executive) Corporate advisor Sponsor Radagast Capital (Proprietary) Limited River Sponsors (Pty) Ltd Transfer secretaries Registered address Services 2004 (Pty) Ltd Mirkwood Estate Klipkop - JR 396 Gauteng Date: 17/08/2004 04:46:09 PM Produced by the JSE SENS Department
| 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 ] | |||||||||||||
|
|||||||||||||
