TIDMCPX
RNS Number : 8709G
CAP-XX Limited
06 March 2018
The following amendment has been made to the "Interim Results
for the half-year ended 31 December 2017" announcement released
earlier today under RNS no. 7661G.
In the key highlights section of the announcement, the first
bullet point originally stated: "Product Sales revenue of A$1.5
million (2016: A$1.3 million) up 9%", which has been corrected as
follows: "Total Sales revenue of A$1.5 million (2016: A$1.3
million) up 15%".
All other details remain unchanged. The full amended text is
shown below.
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
6 March 2018
CAP-XX Limited
("CAP-XX" or the "Company")
Interim Results for the half-year ended 31 December 2017
CAP-XX Limited, a world leader in the design and manufacture of
thin, flat supercapacitors and energy management systems, is
pleased to announce its interim results for the half-year ended 31
December 2017.
Key highlights
-- Total Sales revenue of A$1.5 million (2016: A$1.3 million) up 15%
-- Royalty revenue of A$0.42 million (2016: A$0.29 million) up
43% against the corresponding prior year period. Year on year,
Murata royalty was up over 145% due to increased volumes across the
product range
-- Improved EBITDA loss of A$1.7 million (2016: loss A$1.9 million)
-- Licencing negotiations continue with numerous parties. While
there have been delays in finalizing these agreements, the Board
remains optimistic that the most advanced of these will be
concluded in the next six months
-- Sales pipeline for prismatic supercapacitors, including
cylindrical cans remains at high levels. First large volume
cylindrical can order was shipped late in the reporting period
-- Several automotive projects advancing and licensing negotiations continuing
-- Acquired additional manufacturing equipment to increase
production capacity and continued to reduce costs. Commissioning to
be completed before the end of the current calendar year
-- A small increase in overhead expenses associated with
licencing negotiations and the increase in production capacity and
cost reduction programme
-- Cash reserves at the end of December 2017 were A$1.5 million
(2016: A$0.6 million). The cash reserves at the end of December
2017 exclude the R&D Tax rebate of A$1.6 million which was
received in early February 2018
Anthony Kongats, CEO of CAP-XX said:
"The current financial year has been another big step up for
CAP-XX. The first half saw us win our first high volume order for
Thinline, which will enter mass production in the current half, and
completion of products for global automotive companies. We have
progressed a number of licensing negotiations to an advanced stage
and secured record royalty revenues from our current licences."
Electronic copies of CAP-XX's interim results for the half-year
ended 31 December 2017 will shortly be available from the Company's
website: www.cap-xx.com.
For further information contact:
CAP-XX Limited
Anthony Kongats (Chief Executive Officer) +61 (0) 2 9428 0139
Kreab (Financial PR)
Robert Speed +44 (0) 20 7074 1800
Allenby Capital (Nominated Adviser and Broker
David Hart / Alex Brearley +44 (0) 20 3328 5656
More information is available at www.cap-xx.com
Notes to Editors:
CAP-XX (LSE: CPX) is a world leader in the design and
manufacture of thin, flat supercapacitors and energy management
systems used in portable and small-scale electronic devices, and to
an increasing extent, in larger applications such as automotive and
renewable energy. The unique feature of CAP-XX supercapacitors is
their very high power density and high energy storage capacity in a
space-efficient prismatic package. These attributes are essential
in power-hungry consumer and industrial electronics, and deliver
similar benefits in automotive and other transportation
applications. For more information about CAP-XX, visit
www.cap-xx.com
Chairman's statement
The last six months performance has shown steady progress on the
delivery of the Company's long-term strategy. We have announced a
large volume Thinline design win, the successful rollout of the
cylindrical can product range, improved the size and breadth of the
current sales pipeline and deployed additional manufacturing
initiatives to increase capacity and reduce costs. Revenues from
product sales and royalties continue to increase with contributions
from both AVX and Murata. The Board remains confident that some of
the licensing opportunities currently under negotiation will come
to fruition, notwithstanding the recent delays encountered.
Total sales revenue for the six months to 31 December 2017 was
A$1.5 million (2016: A$1.3 million). Product sales were up on the
previous year by 9% with volumes and pricing up 3% and 9%
respectively whilst the stronger Australian dollar had a negative
effect of 3% on US$ denominated product revenue. Pleasingly,
royalty receipts continue to grow on a year to year basis
principally due to Murata which is up 145% from the previous year.
AVX has advised that year on year revenue on products utilising
technology licensed from CAP-XX has increased fourfold, albeit from
a low base.
Operating expenditure continues to be tightly controlled, with
the only increases being in the product and business development
areas, including licencing activities. The previously announced
investments in operations, resources and plant and equipment are
beginning to pay dividends with most of the key initiatives having
been deployed and now delivering positive outcomes. The Company has
also recently acquired, at minimal cost, certain idle manufacturing
assets that were located at a former contract manufacturer's site
in Malaysia. These assets are being transferred to our current
contract manufacturer's site and will be in operation in the second
half of the current calendar year. The deployment of these assets
and the acquisition of additional capacity will be critical to meet
the expected increase in demand in the short to medium term.
The operating result for the six-month operating period ended 31
December 2017 was an EBITDA loss of A$1.7 million (2016: EBITDA
loss of A$1.9 million). Cash reserves as at the end of December
2017 were A$1.5 million which was up from A$0.6 million as at in 31
December 2016. The Federal Government R&D tax rebate which was
anticipated to be received in October 2017, as in past years, was
delayed due to a desk top review conducted by the Australian
Taxation Office. On the successful completion of the review, the
rebate totalling A$1.6 million was received in early February 2018.
These funds have not been included in the cash reserves position as
at December 2017. The Board remains confident that the Company's
short to medium cash requirements will be satisfied by the current
cash reserves in addition to the expected increase in revenue
receipts (from product sales, licensing and royalty receipts) and
improving margins.
Interest in CAP-XX's small form factor product range remains
high, notably for applications relating to the internet of things
(IOT). In August 2017, the Company announced its first high-volume
design win in the wearable market and it is anticipated that mass
production revenue will commence to be recognised in the second
half of the current financial year. The Company has several large
volume opportunities in the sales pipeline which are being pursued
with the expectation that design wins and revenue should be
forthcoming before the end of the current calendar year. Some
opportunities that were initially expected to be finalised in the
current financial year may slip into the first half of the 2019
financial year due to a customer delaying its mass production start
date. Importantly the opportunities being pursued are not
concentrated on a single target market nor customer but are across
several of the Company's key target markets which reinforces the
CAP-XX product's widespread appeal. These opportunities span the
wearable, health, building management, automotive, security,
metering and energy harvesting market segments.
Within the last twelve months, the Company released cylindrical
cells and the end customer and distributor feedback has been
positive. Several significant high-volume opportunities for these
cylindrical products are being evaluated and material shipments
commenced during the last three months.
Despite the time delays associated with finalising the
previously announced licensing opportunities, the Board is
optimistic that several of the licensing opportunities currently
under negotiation will be finalised in the short to medium term.
The finalisation and realisation of licensing opportunities remains
a key priority for CAP-XX's management. The Board remains confident
that the most advanced of the Company's negotiations will conclude
during the current half year although the final timing of these
outcomes is driven by commercial considerations. However, the
Company has extensive experience in negotiation with multinational
corporations and recognises that the closing stages of negotiations
can be protracted.
The Automotive market strategy remains to partner with an
automotive Tier-1 or Tier-2 manufacturer for customer interface,
production and sales. CAP-XX has achieved sales of small
supercapacitors to two leading German car makers, one directly and
one via a distributor and the Company is in advanced negotiations
with a North American Tier-1 component supplier to address the
market for both large and small supercapacitor devices.
The Company has been improving and refining its automotive
offering over the last six months, and the time delays associated
with product evaluation and module testing has allowed the Company
to pursue other market segments interested in the Company's large
supercapacitor product offering. Extensive discussions with the
Australian Defence Department and several prime military
contractors have introduced opportunities which are of interest to
the Company. Discussions regarding these have proven fruitful and
the parties are keen to move the process forward.
The Board is pleased with the Company's progress over the last
six months. The short-term outlook is also pleasing with key
customer meetings in Europe this month to add further clarity on
the outlook for the second half and beyond. The Board remains
confident that the Company is on track to deliver on its long-term
strategy.
Patrick Elliott
Chairman
CAP-XX Limited
Consolidated statement of profit or loss
For the half-year ended 31 December 2017
Consolidated
Half-year Half-year
2017 2016
Currency: Australian Dollars $ $
Revenue from sale of goods
and services 1,544,554 1,347,226
Cost of sale of goods and
services (1,123,455) (1,121,004)
------------------- -----------
Gross margin (loss) on
sale of goods and services 421,099 226,222
Other revenue 24,446 1,849
Other income 720,000 735,399
General and administrative
expenses (1,077,551) (1,179,252)
Process and engineering
expenses (569,997) (446,548)
Selling and marketing expenses (358,159) (345,207)
Research and development
expenses (781,754) (794,698)
Other expenses (67,994) (129,776)
------------------- -----------
(Loss) before income tax (1,689,910) (1,932,011)
------------------- -----------
Income tax benefit/(expense) - -
Net loss after income tax
for the half year (1,689,910) (1,932,011)
------------------- -----------
(Loss) attributable to
members of CAP-XX Limited (1,689,910) (1,932,011)
=================== ===========
Loss per share attributable Cents Cents
to the ordinary equity
holders of the company
Basic loss per share (0.57) (0.72)
Diluted loss per share (0.57) (0.72)
CAP-XX Limited
Consolidated statement of comprehensive income
For the half year ended 31 December 2017
Consolidated
2017 2016
Currency: Australian
Dollars $ $
Loss for the half year (1,689,910) (1,932,011)
Other comprehensive
income
Items that may be reclassified
subsequently to profit
or loss
Exchange differences
on translation of foreign
operations 2,411 (22,323)
Other comprehensive
loss for the half year,
net of tax 2,411 (22,323)
Total comprehensive
loss for the half year
attributable to owners
of CAP-XX Limited (1,687,499) (1,954,334)
CAP-XX Limited
Consolidated statement of financial position
As at 31 December 2017
Consolidated
31 December 30 June 2017 31 December
2017 2016
Currency: Australian $ $ $
Dollars
ASSETS
Current assets
Cash and cash
equivalents 1,514,463 3,881,792 636,528
Receivables 264,839 419,146 280,245
Inventories 1,601,915 1,321,327 1,115,347
Other 2,430,706 1,676,618 835,850
------------ ------------------ ------------
Total current
assets 5,811,923 7,298,883 2,867,970
------------ ------------------ ------------
Non-current assets
Property, plant
and equipment 420,745 369,779 359,837
Other 236,507 236,507 236,507
------------ ------------------ ------------
Total non-current
assets 657,252 606,286 596,344
------------ ------------------ ------------
TOTAL ASSETS 6,469,175 7,905,169 3,464,314
------------ ------------------ ------------
LIABILITIES
Current liabilities
Payables 1,047,310 1,013,954 620,159
Provisions 708,167 682,962 668,056
Total current
liabilities 1,755,477 1,696,916 1,288,215
------------ ------------------ ------------
Non-current liabilities
Provisions 86,240 91,756 82,652
Total non-current
liabilities 86,240 91,756 82,652
------------ ------------------ ------------
TOTAL LIABILITIES 1,841,717 1,788,672 1,370,867
------------ ------------------ ------------
NET ASSETS 4,627,458 6,116,497 2,093,447
============ ================== ============
EQUITY
Contributed equity 98,389,390 98,343,719 94,603,260
Reserves 4,480,173 4,324,973 4,310,144
Accumulated losses (98,242,105) (96,552,195) (96,819,957)
------------
TOTAL EQUITY 4,627,458 6,116,497 2,093,447
============ ================== ============
CAP-XX Limited
Consolidated statements of changes in equity
For the half-year ended 31 December 2017
Consolidated
Contributed Accumulated
Equity Reserve losses Total
$ $ $ $
Balance at 1 July
2016 94,558,726 4,035,574 (94,887,946) 3,706,354
-------------- -------------------------- ----------------- ---------------
Loss for the period
as reported in
the 2016 interim
financial statements - (1,932,011) (1,932,011)
-------------- -------------------------- ----------------- ---------------
Other comprehensive
loss - (22,323) - (22,323)
Transactions with
owners in their
capacity as owners:
Contributions
of equity, net
of transaction
costs and tax 44,534 44,534
Employee share
options -- value
of employee services - 296,893 - 296,893
Balance at 31
December 2016 94,603,260 4,310,144 (96,819,957) 2,093,447
-------------- -------------------------- ----------------- ---------------
Profit for the
period as reported
in the 2017 financial
statements - - 267,762 267,762
Other comprehensive
income - 28,874 - 28,874
Transactions with
owners in their
capacity as owners:
Contributions
of equity, net
of transaction
costs and tax 3,740,459 - - 3,740,459
Employee share
options -- value
of employee services - (14,045) - (14,045)
Balance at 30
June 2017 98,343,719 4,324,973 (96,552,195) 6,116,497
Profit for the
period as reported
in the 2017 interim
financial statements - - (1,689,910) (1,689,910)
Other comprehensive
income - 2,411 - 2,411
Transactions with
owners in their
capacity as owners:
Contributions
of equity, net
of transaction
costs and tax 45,671 - - 45,671
Employee share
options -- value
of employee services - 152,789 - 152,789
Balance at 31
December 2017 98,389,390 4,480,173 (98,242,105) 4,627,458
-------------- -------------------------- ----------------- ---------------
CAP-XX Limited
Consolidated Statement of Cash Flows
For the half-year ended 31 December 2017
Consolidated
Half-year Half-year
2017 2016
Currency: Australian
Dollars $ $
Cash flows from operating
activities
Receipts from customers
(inclusive of goods and
services tax) 1,853,316 3,371,096
Payments to suppliers
and employees (inclusive
of goods and services
tax) (4,163,655) (3,553,937)
-------------- --------------
(2,310,339) (182,841)
Tax credit received - 1,542,925
Interest received 24,446 1,849
-------------- --------------
Net cash (outflow) from
operating activities (2,285,893) 1,361,933
============== ==============
Cash flows from investing
activities
Payments for property,
plant and equipment (129,518) (79,247)
Net cash (outflow) from
investing activities (129,518) (79,247)
============== ==============
Cash flows from financing
activities
Proceeds from issue of
shares 45,671 44,534
Proceeds from Loans - (1,000,000)
Net cash inflow from
financing activities 45,671 (955,466)
============== ==============
Net (decrease) in cash
and cash equivalents (2,369,740) (327,220
Cash and cash equivalents
at the beginning of the
half-year 3,881,792 331,631
-------------- --------------
Effects of exchange rate
changes on cash and cash
equivalents 2,411 (22,323)
============== ==============
Cash and cash equivalents
at the end of the half-year 1,514,463 636,528
============== ==============
This general purpose interim financial report, for the half-year
reporting period ended 31 December 2017, has been prepared in
accordance with Australian equivalents to International Financial
Reporting Standards (AIFRSs), other authoritative pronouncements of
the Australian Accounting Standards Board, Urgent Issues Group
Interpretations and the Corporations Act 2001. This general purpose
interim financial report, for the half-year reporting period ended
31 December 2017, is (with the exception of the figures for 30 June
2017 in the Balance Sheet) unaudited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSFFLMFASEED
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