Sharenet Sites 
Sharenet Sites
ZPT - Zaptronix Limited - Condensed un-audited interim results for the six months ended 29 February 2012 ZAPTRONIX LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1997/014928/06) (Share Code: ZPT ISIN Code: ZAE000070934) ("Zaptronix" or "the Company") CONDENSED UN-AUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 FEBRUARY 2012 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 29 February 2012 29-Feb-12 31-Aug-11 28-Feb-11
(Un-audited) (Audited) (Un-audited) R`000 R`000 R`000 Assets Non-current assets Property, plant and equipment 8 044 8 815 7 979 Intangible assets 3 922 4 150 1 859 Current assets Inventories 3 697 2 783 3 521 Trade and other receivables 11 768 9 055 15 373 Cash and cash equivalents 772 216 1 275 Total assets 28 203 25 019 30 007 Equity and liabilities Equity Share capital 29 632 29 632 29 632 Reserves 9 518 9 518 9 518 Accumulated loss (37 383) (34 538) (24 456) Liabilities Non-current liabilities Other financial liabilities 10 538 8 755 5 786 Deferred tax - 232 Current liabilities Trade and other payables 13 118 9 381 4 182 Other financial liabilities 2 426 1 964 5 113 Current tax payable 354 307 Total equity and liabilities 28 203 25 019 30 007 Number of shares in issue 379 318 934 379 318 934 379 318 934 Net asset value per share (cents) 0.47 1.22 3.87 Tangible net asset value per (0.57) 0.12 3.38 share (cents) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 29 FEBRUARY 2012 29 Feb 12 31 Aug 11 28 Feb 11
(Un-audited) (Audited) (Un-audited) R`000 R`000 R`000
Revenue 14 127 27 850 17 736 Gross profit 10 042 21 278 14 067 Operating costs (11 510) (28 558) (12 384)
Operating (loss)/profit (1 468) (7 280) 1 683 (EBITDA) Depreciation and (997) (1 900) (816) amortisation Net (loss)/profit before (2 465) (9 180) 867 interest and taxation Interest paid (380) (740) (50) Interest received 431 9 (Loss)/profit before (2 845) (9 489) 826 taxation Taxation - 233 - (Loss)/profit for the (2 845) (9 256) 826 period Total comprehensive (2 845) (9 256) 826 (loss)/profit attributable to the equity holders of the parent Basic earnings per share (0.75) (2.44) 0.22 (cents) Headline earnings per (0.75) (2.31) 0.22 share (cents) Reconciliation of headline earnings: Net (loss)/profit (2 845) (9 256) 826 attributable to ordinary shareholders Adjusted for impairment of - 500 - assets Headline (loss)/earnings (2 845) (8 756) attributable to ordinary 826 shareholders Number of shares in issue 379 318 934 379 318 934 379 318 934 Diluted number of shares 819 319 934 819 318 934 819 319 934 Basic (loss)/earnings per share (0.75) (2.44) 0.22 Diluted basic (loss)/earnings per share (0.35) (1.13) 0.10 Headline (loss)/earnings per share (0.75) (2.31) 0.22 Diluted headline (loss)/ earnings per share (0.35) 0.10 (1.07) CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 29 FEBRUARY 2012 Share capital Reserves Accumulated Total loss
Balance at 1 September 2010 as restated 29 632 9 518 (25 282) 13 868 Profit for the 6 826 826 months Balance at 28 29 632 9 518 (24 456) 14 694 February 2011 Loss for the 6 months (10 082) (10 082) Balance as at 31 29 632 9 518 (34 538) 4 612 August 2011 Loss for the 6 months (2 845) (2 845) Balance as at 29 29 632 9 518 (37 383) 1 767 February 2012 CONDENSED CONSOLIDATED CASH FLOW STATEMENTS FOR THE SIX MONTHS ENDED 29 FEBRUARY 2012 29 Feb 12 31 Aug 11 28 Feb 11 (Un-
(Un-audited) (Audited) audited) R`000 R`000 R`000 Cash flows from operating activities Cash (used)/ generated (1 468) (6 780) 1 683 from/by operations Increase/(decrease) in 112 11 330 (9 701) working capital Finance income - 431 9 Finance costs (380) (740) (50) Net cash (by)/from (1 736) 4 241 (8 059) operations Cash flows from investing activities Property, plant and - (2 134) (3 919) equipment Intangible assets - (2 654) (1126)
Net cash flow from - (4 788) (5 045) investing activities Cash flow from financing activities Vendor shares net of 9 398 acquisition loss Proceeds from other 1 113 5 648 financial liabilities 2 292 Repayment of other - (2 798) (3 115) financial liabilities Net cash flow from 2 292 (1 685) 11 931 financing activities Total cash movement for 556 (2 232) (1 173) the period Cash at the beginning of 216 2 448 2 448 the period Total cash at end of the 772 216 1 275 period
SEGMENT REPORT The group has identified the following segments Fleet Management RMS Technology Site Risk Solutions (Previously called I to I) Metering and Corporate 29 February 2012 Segment Fleet RMS Meterin Site Risk Elimina Total Information g and tion Manage Technolo Corpora Solutions ment gy te
R`000 R`000 R`000 R`000 R`000 R`000 Revenue 4 807 619 997 7 984 (280) 14 127 External 4 807 339 997 7 984 14 127 revenue Internal 280 (280) revenue
Operating (2 (736) (2 547) (5 390) (11 510) Expenses 837) External (2 -736 (2 547) (5 390) (11510) operating 837) expenses Internal operating expenses Operating 805 (214) (1 870) (1 186) (2 465) profit Finance costs (101) (5) (270) (4) (380) Segment result 704 (219) (2 140) -1 190 (2 845) Profit before tax Taxation Profit after (2845) taxation 29 February 2012 Segment Fleet RMS Meterin Site Risk Elimina Total Information g and tion Manage Technolo Corpora Solutions ment gy te R`000 R`000
R`000 R`000 R`000 R`000 Segment assets 10 853 1 432 8 564 7 354 28 203 Segment 10 264 1 231 8 210 6 731 26 436 liabilities 28 February 2011 Segment Fleet RMS Meterin Site Risk Elimina Total Information g and tion Manage Technolo Corpora Solutions ment gy te
R`000 R`000 R`000 R`000 R`000 R`000 Revenue 5 538 245 519 11 599 (165) 17 736 External 5 538 80 519 11 599 17 736 revenue Internal 165 (165) revenue
Operating (3 (231) (1 325) (7 578) (12 384) Expenses 250) External (3 (231) (1 325) (7 578) (12 384) operating 250) expenses Internal operating expenses Operating 1 093 (859) (70) 703 867 profit Investment 7 2 9 income Finance costs (34) (14) (2) (50)
Segment result 1 066 (859) (82) 701 826 Profit before tax Taxation - Profit after 826 taxation 28 February 2011 Segment Fleet RMS Meterin Site Risk Elimina Total Information g and tion Manage Technolo Corpora Solutions
ment gy te R`000 R`000 R`000 R`000 R`000 R`000
Segment assets 9 569 2 810 7 174 10 454 30 007 Segment 8 552 488 5 218 1 055 15 313 liabilities COMMENTARY 1.1 Basis for preparation The interim financial statements for the 6 months ended 29 February 2012 are un-audited and have been prepared in accordance with International Financial Reporting Standards ("IFRS"), IAS34, as well as AC 500 standards as issued by the Accounting Practices Board, JSE Listing requirements and the Companies Act of 2008 as amended. The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 August 2011. 1.2 Financial review The revenue for the six months is on course to be comparable to the revenue for the financial year 2011. The issue to highlight is the reduction in operating costs. Despite this improvement the group still suffered a loss of R2.845 million. The loss is due to the cost of down sizing of the group rolling into the first quarter of the current financial year. The full benefit of the cost savings only materialised during the second quarter, which showed the divisions returning to profitability. The first quarter of 2012 accounted for 70% of the reported loss for the review period. The group announced contracts being awarded to the group during the release of the 2011 Financial Statements. These contracts took longer than expected to be implemented as customers used the December closure to install the security, access control and Fire detection systems. The full benefits of these contracts were only realised from December onwards. The company has completed the circular for the purchase of the I to I assets which have been posted to shareholders. Shareholders will be required to vote in respect of the transaction at the General Meeting on 8 June 2012. 1.3 Operational review The Zaptronix group of companies operates three businesses: Zaptronix Metering, Duo Tracking Services and the Site Risk Solutions (the I to I assets) The economic recovery has seen an increase in prospects as well as the conversion of prospects into transactions; however the margins remain under pressure. The cost cutting measures introduced during the last year continues to provide the group not only with lower costs but also with improved pricing for the group`s products and services. 1.4 Future prospects As the I to I transaction has taken much longer than hoped or anticipated the successful conclusion will allow management to focus on the business fully and apply the energy to grow and exploit the product and service offerings for the benefit of all the stakeholders. It will also allow management to finally integrate the operations which will also result in further efficiencies and savings. The group is well placed to benefit from the opportunities created by the implementation of the Electricity Regulation Act. Although the act has not been implemented, interest in the group`s meters and meter services have grown and improved sales have been recorded. Due to this expected growth Zaptronix has further extended its technology partnerships and distributor relationships to cope with the increase in demand for the meters. The group continues to invest in a broader range of tracking equipment and continues to upgrade its application and systems which will allow Zaptronix to return to profitability as a niche player in this industry. 1.5 Dividend No dividend has been proposed. For and behalf of the board of directors N Melville (Independent Chairman) K Gribnitz (Non- Executive) JP Nel (CEO) A J Botes (CFO) 30 May 2012 Midrand Auditors: PKF (Gauteng) Incorporated Secretary: Sylvan CSI (Pty) Ltd Transfer secretaries: Computershare Investor Services (Pty) Ltd Designated Adviser: Exchange Sponsors (2008) (Pty) Ltd Date: 30/05/2012 13:43:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
