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ZPT
ZPT
Zaptronix Limited - Abridged Audited Financial Statements For The Year
Ended 31 August 2006
ZAPTRONIX LIMITED
(Registration number: 1997/014928/06
Share code: ZPT ISIN: ZAE000070934
("Zaptronix" or "the company" or "the group")
ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2006
GROUP BALANCE GROUP COMPANY
SHEETS
Audited Audited Audited Audited
At At At At
(R"000) 31-Aug-06 31-Aug-05 31-Aug-06 31-Aug-05
ASSETS
Non-current 10,306 7,787 4,298 837
assets
Property, plant & 3,461 2,554 173 157
equipment
Intangible assets 6,258 4,549 651 275
Investment in 3,069 -
subsidiaries
Investment in 470 294 405 405
associate
Deferred tax 117 390
Current assets 4,602 4,813 1,064 868
Accounts 4,536 4,532 1,045 775
receivable and
inventory
Cash and cash 66 281 19 93
equivalents
Total assets 14,908 12,600 5,362 1,705
EQUITY AND
LIABILITIES
Capital and 7,014 6,624 3,047 229
reserves
Share capital and 29,632 29,651 29,632 26,749
premium
Non-distributable 427 28
reserve
Accumulated (23,045) (23,027) (26,613) (26,520)
losses
Non-current 2,994 1,951 738 753
liabilities
Loans from group 316 753
companies
Interest bearing 2,994 1,951 422
borrowings
Current 4,900 4,025 1,577 723
liabilities
Accounts payable 4,900 4,025 1,577 723
and provisions
Total equity and 14,908 12,600 5,362 1,705
liabilities
Net assets value 1.85 1.75
per share (cents)
Net tangible 0.20 0.55
assets value per
share (cents)
Number of shares 379,319 379,319 379,319 144,805
(" 000)
GROUP INCOME STATEMENTS GROUP COMPANY
Audited Audited Audited Audited
12-months 16-months 12-months 16-months
ended ended ended ended
(R"000) 31-Aug-06 31-Aug-05 31-Aug-06 31-Aug-05
Revenue 20,831 28,292 3,603 4,470
Cost of sales (7,982) (11,518) (2,149) (2,224)
Gross profit 12,849 16,774 1,454 2,246
Operating costs (12,496) (15,190) (2,967) (2,129)
Operating profit/(loss) 353 1,584 (1,513) 117
Other income 31 2,786 1,488 1
Net income before 384 4,370 (25) 118
interest and
depreciation
Interest received 3 23 -
Net interest paid (222) (299) (68) (3)
Net operating profit 165 4,094 (93) 115
before tax
Share of associate loss (2) (120)
Net profit before 163 3,974 (93) 115
taxation
Taxation (182) (217)
Earnings after taxation (19) 3,757 (93) 115
Earnings per share (0.01) 0.99
(cents)
Excess over cost of (0.70)
combination DuO SP
Impairment of 0.00 (0.03)
investment (cents)
Headline earnings per (0.01) 0.26
share (cents)
Weighted average number 379,319 379,319 379,319 144,805
of shares (" 000)
GROUP STATEMENTS OF GROUP COMPANY
CHANGES IN EQUITY
Audited Audited Audited Audited
12-months 16-months 12-months 16-months
ended ended ended ended
(R"000) 31-Aug-06 31-Aug-05 31-Aug-06 31-Aug-05
Balance at the 6,624 134 229 114
beginning of the
period
Net profit/(loss) for (19) 3,757 (93) 115
the period
Foreign currency 177
translation reserve
Issue of share (18) 2,902 2,883
capital
Revaluation of assets 250 28
Derecognition of (169)
subsidiary
Balance at the end of 7,014 6,624 3,047 229
the period
GROUP CASH FLOW GROUP COMPANY
STATEMENTS
Audited Audited Audited Audited
12-months 16-months 12-months 16-months
ended ended ended ended
(R"000) 31-Aug-06 31-Aug-05 31-Aug-06 31-Aug-05
Cash flows from 1,765 2,943 429 (397)
operating activities
Cash 1,984 3,219 497 (394)
generated/(utilised)
by operating
activities
Net interest paid (219) (276) (68) (3)
Cash flows from (3,810) (5,049) (926) (47)
investing activities
Purchase of tangible (2,040) (1,208) (51) (47)
assets
Purchase of (1,770) (3,126) (437)
intangible assets
Loans to group (438)
companies repaid
Subsidiaries acquired (715)
Cash flows from 1,830 2,175 422 378
financing activities
Loans raised 1,830 2,175 422 378
Increase/(decrease) (215) 69 (75) (66)
in cash and cash
equivalents
Cash and cash 281 212 94 160
equivalents at
beginning of year
Cash and cash 66 281 19 94
equivalents at end of
year
Operational Review
The year under review was a time of investment in the quality of the
technology, Mobile Logistics and Energy Management, platforms used by the
group. The complete functionality of the tracking technology was delayed by a
year leading to minimal growth on the annuity revenue of the business. The
foundation has however been laid for the successful rollout of the technology
platform to new and existing clients. The group further sees government
tenders as a strong enhancer of non-annuity revenue and is actively pursuing
this potential business. No tenders were awarded to the group in the period
under review.
Management believes that the group is presently in a strong position to win
tenders.
Investments in new technology
The group has further invested in new technology, which includes the
development of prediction software, in the Mobile Logistics environment,
currently called FX and a further extension of its communications technology
into the metering business is being pursued.
The FX product allows for the prediction and planning of clients schedules
based on traffic density information. Management expects the product to be
offered to clients in February 2007 following the integration of the system
with the current platform.
The extension of GPRS technology, to Energy Management should place this
business at a very competitive level.
Financial results
Shareholders need to note that the previous period being compared with for
both the group and the company is 16 months while the period under revue is
12 months. By comparing to the annualised figures for the prior period the
following observations are made:
Although, turnover was down by 2% the gross profit improved by 2% over the
annualised prior 16 month period.
During the 16 months to end August 2005, other income (R2786K) included the
negative goodwill realised on the acquisition of DuO Solutions Provider (Pty)
Ltd (DuO SP) being R2 613K which was reported on in the annual financial
statements of August 2005.
The increase in taxation rate is attributable to:
The deferred taxation on the revaluation of certain fixed assets in the group
together with no deferred taxation being provided for in the start-up
manufacturing business within the group.
This is reflected in the earnings and headline loss per share of 01 cps.
The resultant net taxation is due to the profitability of the mobile
logistics management services in the group.
The cash flow also highlights certain important issues:
The cash generated by operating activities (R1984K) together with the
additional loans raised (R1830K) was invested in the purchase of tangible
assets, which generate the future revenue streams for the business channels
being rental of the assets to clients and the service revenue streams with
further investment in finalising the mobiles logistics hardware, server and
firmware software systems (R1 770K).
BEE transaction with Royal Bafokeng Capital ("RBC")
Shareholders are referred to the announcement dated 31 March 2006 detailing
the BEE transaction with RBC which is subject to shareholder approval at a
general meeting. Due to unforeseen delays, the agreements relating to the
transaction required an extension which has been obtained from RBC. A
circular to shareholders subject to the approval of the JSE will be posted in
due course.
Audit opinion and accounting policies.
The Group has adopted International Financial Reporting Standards (IFRS) in
preparation of these results. The Group"s annual financial statements for the
31 August 2006 are the first set of annual financial statements that comply
with IFRS.
Certain furniture and fittings, plant and equipment have been re-valued by
R341K, based on their expected economic lives. Apart from the revaluation
noted, these policies are consistent with those applied during the previous
period year.
The annual results have been audited by the Company"s auditors, Compendium
(Pretoria) Inc whose unqualified audit report is available for inspection of
the groups registered address.
Dividend
No dividend has been recommended or declared for the year.
KJ Gribnitz, Chairman
J P Nel, Chief Executive Officer
1 December 2006
Midrand
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Ltd
Registered Address
DuO Solutions House
Gazelle Close, Corporate Park South
Midrand
Designated Advisor
SASFIN Capital
A division of SASFIN Bank Limited
Warning - The listing of the ordinary shares in the Company is on the AltX.
Investors are advised of the risks of investing in a Company listed on AltX
and that the JSE Limited does not guarantee the viability or success of a
Company listed on AltX. In terms of the JSE Listings Requirements ("LR"),
the Company is obliged to appoint and retain a Designated Advisor ("DA").
The DA is required to, inter alia, attend all board meetings held by the
company, ensure that all the LR and applicable regulations are complied with,
approve the financial director of the Company and guide the Company in a
competent, professional and impartial manner. If the Company fails to retain
a DA, it must make arrangements to appoint a new DA within ten business days,
failing which the Company faces suspension of trading in its securities. If
a DA is not appointed within 30 days of its suspension, the Company faces the
termination of its listing without the prospect of an appropriate offer to
minority shareholders.
Date: 01/12/2006 08:35:23 AM Produced by the JSE SENS Department
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