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Aps - Unaudited Results For The Six Months Ended 30 June 2005
Release Date: 07/10/2005 17:30:00 Code(s): APE
APS - Unaudited Results for the six months ended 30 June 2005
APS TECHNOLOGIES LIMITED
("APS" or "the Company")
(Registration number: 1998/024100/06)
Share code: APE
ISIN: ZAE000017927
Unaudited Results for the six months ended 30 June 2005
ABRIDGED CONSOLIDATED INCOME STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
Unaudited Audited Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2005 2004 2004
R"000 R"000 R"000
Revenue 1 862 2 468 4 145
Operating (loss)/profit for the period (253) 510 663
Other operating income 3 29 4
Profit on sale of assets - 21 30
Bad debts written off - - (6)
Provision for slow-moving and
obsolete stock (204) (204) -
Operating profit/(loss) before
amortisation and depreciation (250) 560 691
Amortisation and depreciation (58) (133) (154)
Operating profit/(loss) after
amortisation and depreciation (308) 427 537
Net interest (paid)/received (3) (43) (43)
(Loss)/Profit before taxation (311) 384 495
Taxation - - -
Attributable (loss)/income (311) 384 495
Weighted number of ordinary
shares in issue ("000) 117 287 116 287 116 645
(Loss)/Earnings per share (cents) (0,27) 0,33 0,42
Headline (loss)/earnings per
share (cents) (0,27) 0,39 0,48
Reconciliation of headline (loss)/earnings per share
Attributable (loss)/income (311) 384 495
Profit on sale of assets - (21) (30)
Amortisation of intangible assets - 92 92
Headline (loss)/earnings (311) 455 557
ABRIDGED CONSOLIDATED BALANCE SHEETS AS AT 30 JUNE
Unaudited Audited Audited
30 June 30 June 31 Dec
2005 2004 2004
R"000 R"000 R"000
ASSETS
Non-current assets 146 95 95
Loans - - -
Property, plant and equipment 146 95 95
Investments in subsidiaries - - -
Current assets 1 999 2 333 2 177
Accounts receivable 210 813 457
Bank and cash 425 120 133
Inventories 1 348 1 394 1 581
Receiver of revenue - 6 6
Total assets 2 135 2 428 2 727
EQUITY AND LIABILITIES
Capital and reserves 352 552 663
Share capital and premium 16 097 16 095 16 096
Distributable reserves (15 745) (15 544) (15 434)
Long-term liabilities 1 183 1 137 1 440
Current liabilities 600 739 491
Accounts payable 600 739 491
Bank overdraft - - -
Short-term portion of long-term
liabilities - - -
Taxation - - -
Total equity and liabilities 2 135 2 428 2 727
Total number of ordinary
shares issued ("000) 117 287 116 287 117 287
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS
ENDED 30 JUNE
Accumu-
Share Share lated
capital premium profit Total
R"000 R"000 R"000 R"000
Balance at 1 January 2005 117 15 979 (15 434) 662
Net profit for the period - - (311) (311)
Balance as at 30 June 2005 117 15 979 (15 745) 351
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
Unaudited Audited Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2005 2004 2004
R"000 R"000 R"000
Cash flow from operating activities (19) (19) 112
Cash flow from investing activities 182 182 136
Cash flow from financing activities (303) (303) (375)
Net decrease/increase in cash 292 (140) (127)
Cash at beginning of period 133 260 260
Cash at end of period 425 120 133
COMMENTS
Overview
The good news of the return to profitability of the Group in December 2004 was
dampened when a court case judgement was ruled against Tech Pulse Technologies
(Pty) Limited (a subsidiary of APS Technologies Limited). The court case dated
back to dealings under previous management in October 2000 and the Company was
ordered to pay an amount of R1 113 500 to the liquidators of Top Info Holdings
Limited. This amount excludes interest and legal fees. Due to the fact that this
led to the Company"s liabilities exceeding its assets by a large margin, the
Company was placed into liquidation on 26 July 2005 (provisional order on 14
June 2005). These facts were communicated to shareholders via SENS announcements
and cautionary announcements in the press.
Operating loss
The legal costs incurred, coupled with uncertainty from the distributors led to
the Group"s interim loss for the first six months of R311 000.
Accounting policies
These consolidated condensed interim financial reports have been prepared in
accordance with International Financial Reporting Standards (IFRS). The
accounting policies used in the preparation of these financial statements are
consistent with those used in preparation of the December 2004 statements. In
spite of the adoption of IFRS, no figures in the previous financials have been
affected, and so the results have not had to be restated at this stage.
After balance sheet date
Due to the liquidation of Tech Pulse Technologies (Pty) Limited, the balance
sheet will be further diluted, details which are not available as yet.
Prospects
Despite the setbacks, the directorate is positive that earnings are expected to
improve during the next financial period.
Dividend
No dividend has been declared due to the loss incurred.
For and on behalf of the Board
WH Monsma N Wessels
Chairman Chief executive officer
7 October 2005 Hermanus
Registration number: 1998/024100/06
Short name: APS-TECH
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
www.apstherapy.com
Directors: WH Monsma# (Chairman), N Wessels (Chief executive officer), C Pelly*,
JGL Uytdewilligen*# , RE Blaauw* (*Non-executive) (#Dutch)
Group secretary: N Wessels
Sponsor LPC Manhattahn Moela (Pty) Limited
