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APS - Audited results for the year ended 31 December 2004
APS TECHNOLOGIES LIMITED
(`APS` or `the Company` or `the Group`)
Registration number: 1998/024100/06
Short name: APS-TECH
Share code: APE
ISIN: ZAE000017927
Audited results for the year ended 31 December 2004
ABRIDGED CONSOLIDATED INCOME STATEMENTS
for the year ended 31 December 2004
Audited Audited
2004 2003
R`000 R`000
Revenue 4 145 2 907
Operating profit/(loss) for the year 663 (919)
Other operating income 4 52
Profit on sale of assets/disposal of
foreign entities 30 784
Bad debts written off (6) (288)
Operating profit/(loss) before amortisation
and depreciation 691 (371)
Amortisation and depreciation (154) (889)
Operating profit/(loss) after amortisation
and depreciation 537 (1 260)
Net interest (paid)/received (43) (487)
Profit/(Loss) before exceptional items 495 (1 746)
Exceptional items - (234)
Profit/(Loss) before taxation 495 (1 980)
Taxation - -
Attributable income/(loss) 495 (1 980)
Weighted number of ordinary shares
in issue (`000) 116 645 116 287
Earnings/(Loss) per share (cents) 0,42 (1,70)
Headline earnings/(loss) per share (cents) 0,48 (1,62)
Reconciliation of headline earnings/(loss)
per share
Attributable income/(loss) 495 (1 981)
Profit on sale of assets (30) (111)
Transfer of disposal of foreign entity - (577)
Amortisation of intangible assets 92 791
Cost of investment written off - -
Restructuring costs - -
Headline earnings/(loss) 557 (1 878)
ABRIDGED CONSOLIDATED statement of changes in equity
for the year ended 31 December 2004
Trans Re- Accumu-
Share Share lation valu- lated
capital premium reserve tion profit
reserve Total
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
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 at
1 January
2004 116 15 979 - - (15 928) 167
Transfer of
shares 1 - - - - 1
Transfer of
revaluation
reserve - - - - - -
Transfer of
Disposal of
foreign entity - - - - - -
Net profit for
the year - - - - 495 495
Balance as at
31 December
2004 117 15 979 - - (15 434 663
ABRIDGED CONSOLIDATED BALANCE SHEETS
as at 31 December 2004
Audited Audited
2004 2003
R`000 R`000
ASSETS
Non-current assets 95 439
Property, plant and equipment 95 301
Intangibles and deferred expenditure - 92
Loans - 46
Current assets 2 177 1 924
Inventories 1 581 1 438
Accounts receivable 457 220
Cash and cash equivalents 133 260
Receiver of revenue 6 6
Total assets 2 272 2 363
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` interest 663 167
Share capital and premium 16 096 16 095
Non-distributable reserves - -
Accumulated losses (15 434) (15 928)
Non-current liabilities 1 118 1 440
Long-term liabilities 1 118 1 440
Current liabilities 491 756
Bank overdraft - -
Accounts payable 491 703
Short-term portion of long-term
liability - 53
Total equity and liabilities 2 272 2 364
Total number of ordinary
shares issued (`000) 117 287 116 287
ABRIDGED CONSOLIDATED cash flow statements
for the year ended 31 December 2004
Audited Audited
2004 2003
R`000 R`000
Cash flow from operating activities 112 (673)
Cash flow from investing activities 136 3 461
Cash flow from financing activities (375) 1 102
Net increase/(decrease) in cash (127) 3 895
Cash at beginning of year 260 (3 635)
Cash at end of year 133 260
COMMENTS
Overview
The restructuring and rescue programme which involved amongst others moving the
head office from Pretoria to Hermanus, was met with great scepticism by both
shareholders and the financial press. The same applied to the promise by the
directorate of the Company returning to profitability.
The board of directors are pleased to report that the Company has in fact
returned to profitability with a headline earnings of R557 000 versus a headline
loss of R1 878 000 for the previous financial year.
Highlights of the financial statements
Income statement
Turnover
Despite the strengthening of the Rand against other currencies, turnover for the
year under review increased by almost 43%. Exports, once again, contributed 82%
towards this figure. The focus on international exports will remain.
Balance sheet
Property, plant and equipment
As reported in the interim financials of 30 June 2004, 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.
Accounting policies
These consolidated condensed annual financial statements have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice. The accounting policies used in the preparation of these financial
statements are consistent with those used in the preparation of the 2003
financial statements.
Audit opinion
The consolidated financial statements for the year ended
31 December 2004 have been audited by Logisa CA (SA) Inc. In their opinion, the
abridged financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice in the manner
applicable to the business and in the manner required by the Companies Act in
South-Africa, and fairly present, in all material respects the financial
position of the Company on 31 December 2004 and the results of its operations
and cash flows for the year then ended. Without qualifying their report above,
attention is drawn to the following, which may influence the going concern
assumption:
- The Group has in the past incurred operating losses.
- Certain Group companies are in a net liability position.
- Intergroup loans have been subordinated during the current financial year.
Their audit report is available for inspection at the Company`s registered
office.
Directors
There has been no change in the directorate since the last published results.
Dividend
No dividend has been declared for the year.
For and on behalf of the Board
WH Monsma N Wessels
Chairman Chief executive officer
Hermanus
23 March 2005
APS TECHNOLOGIES LIMITED
(`APS` or `the Company` or `the Group`)
Registration number: 1998/024100/06
Short name: APS-TECH
Share code: APE
ISIN: ZAE000017927
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Marshalltown, Johannesburg 2001, PO Box 61051, Marshalltown
2107
Registered office: Unit 2, Mink Business Park, Mimosa Street, Hermanus 7200, PO
Box 369, 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: 23/03/2005 05:22:04 PM
Produced by the JSE SENS Department
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