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Zaptronix - Abridged unaudited interim financial statements for the six months
ended 31 October 2004
Zaptronix Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1997/014928/06)
Share code: ZPT ISIN: ZAE000015145
(`Zaptronix` or `the company` or `the group`)
ABRIDGED UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31
OCTOBER 2004
GROUP BALANCE SHEETS
(R`000) Unaudited Audited Unaudited
At 31 Oct At 30 Apr At 31 Oct
2004 2004 2003
ASSETS
Non-current assets 868 1 084 2 620
Fixed assets and intangibles 460 670 1 969
Investment in associate 408 415 651
Current assets 897 706 668
Accounts receivable and 848 494 511
inventory
Cash and cash equivalents 49 212 157
Total assets 1 765 1 790 3 288
EQUITY AND LIABILITIES
Capital and reserves 196 134 2 088
Share capital and premium 26 749 26 749 26 749
Non-distributable reserve 196 168 168
Accumulated losses (26 749) (26 783) (24 829)
Non-current liabilities 957 375 428
Deferred tax 21 - 428
Borrowings 936 375 -
Current liabilities
Accounts payable and 612 1 281 772
provisions
Total equity and liabilities 1 765 1 790 3 288
Net asset value per share 0.14 0.09 1.44
(cents)
Net tangible asset value per (0.08) (0.25) 0.32
share (cents)
Closing number of ordinary 144 805 144 805 144 805
shares (`000)
GROUP INCOME STATEMENTS
(R`000) Unaudited Audited Unaudited
6 Months 12 Months 6 Months
ended ended ended
31 Oct 2004 At 30 Apr At 31 Oct
2004 2003
Revenue 889 3 164 1 555
Cost of sales (208) (1 692) (828)
Gross profit 681 1 473 727
Other income 1 81 -
Operating costs (632) (3 943) (1 000)
Operating profit/(loss) 49 (2 390) (273)
Net interest paid (3) - -
Share of associate 3 (236) 29
profit/(loss)
Net income/(loss) before 49 (2 626) (244)
taxation
Taxation (15) 428 -
Net income/(loss) after 34 (2 198) (244)
taxation
Reconciliation of earnings
and headline earnings
Earnings/(loss) per share 0.02 (1.52) (0.17)
(cents)
Loss on assets scrapped - 0.06 -
(cents)
Impairment of investment - 0.19 -
(cents)
Headline earnings/(loss) per 0.02 (1.27) (0.17)
share (cents)
Weighted average number of 144 805 144 805 144 805
ordinary shares (`000)
GROUP STATEMENTS OF CHANGES IN EQUITY
(R`000) Unaudited Audited Unaudited
6 Months 12 Months 6 Months
ended ended ended
31 Oct 2004 At 30 Apr At 31 Oct
2004 2003
Balance at the beginning of 134 2 332 2 332
the period
Foreign currency translation 28 - -
reserve
Net profit/(loss) for the 34 (2 198) (244)
period
Balance at the end of the 196 134 2 088
period
GROUP CASH FLOW STATEMENTS
(R`000) Unaudited Audited Unaudited
6 Months 12 Months 6 Months
ended ended ended
31 Oct 2004 At 30 Apr At 31 Oct
2004 2003
Cash flows from operating (779) (321) (19)
activities
Cash generated/(utilised) in (761) (318) (19)
operating activities
Net interest paid (3) - -
Taxation (15) (3) -
Cash flows from investing 34 (23) (5)
activities
Foreign currency translation 28 - -
reserve
Purchase of tangible assets - (23) (7)
Proceeds for sale of - - 2
tangible assets
Change in investment in 7 - -
associate
Cash flows from financing
activities
Loans raised 582 375 -
Increase/(decrease) in cash (163) 31 (24)
and cash equivalents
Cash and cash equivalents at 212 181 181
beginning of year
Cash and cash equivalents at 49 212 157
end of year
Financial results and prospects
The interim results for the six months ended 31 October 2004 reflect the initial
impact of concentrating on the electricity metering products whilst shifting
focus towards remote metering solutions. Although this decision, as expected,
has resulted in reduced revenues when compared to the comparative six months
ended 31 October 2003, it has significantly improved margins and returned the
group to profitability, albeit still marginal at the interim stage.
The company has now established its technology and service infrastructure to
support its new extended strategy of adopting a service-based revenue model.
Leveraging against the existing base of providing energy management products and
solutions, the new revenue model also focuses on generating annuity income.
This is consistent with the operating strategy of positioning the company as a
technology-driven information hub, providing clients with services to reduce
operating expenses and increase efficiencies. A detailed marketing and roll-out
plan in this regard is currently under consideration.
The proposed acquisition of DuO Solutions Provider Ltd (`DuO SP`) is on track.
Zaptronix is acquiring the infrastructure of DuO SP, including access to its
central bureau and development team, against which it will gear and expand its
existing automatic meter reading and planned value added services. The board
has also decided to apply for a transfer of the company`s listing to the
Alternative Exchange (`AltX`) simultaneously with implementing the DuO SP
transaction. AltX is seen as offering substantial benefits in terms of access
to Zaptronix`s target investor market. The necessary documentation required for
the application to the AltX Advisory Committee is currently being prepared.
In order to drive these initiatives, the management team was recently
strengthened with the appointment of Jan Nel as CEO. He joins Operations
Director, Jens Stratenwerth, in an executive capacity on the board. Tony De
Canio will also join the board, as Financial Director, upon implementation of
the DuO SP acquisition. Karl Gribnitz has accepted the position of non-
executive chairman.
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
applied during the previous financial year.
Dividend
No dividend has been recommended or declared for the interim period.
For and on behalf of the board
JP Nel
Chief Executive Officer
Midrand, 4 February 2005
Directors: JP Nel, J Stratenwerth, KJ Gribnitz*, PE du Preez* (*Non-executive)
Sponsor
River Sponsors (Pty) Ltd
Corporate Advisors
Radagast Capital (Pty) Ltd
Registered address
Solutions House, Gazelle Close
Corporate Park, Midrand
Transfer secretaries
Computershare Investor
Services 2004 (Pty) Ltd
Date: 04/02/2005 12:26:09 PM Supplied by www.sharenet.co.za artment
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