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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Cap-XX Limited    CPX   AU0000XINAS1

CAP-XX LIMITED

(CPX)
Delayed Quote. Delayed London Stock Exchange - 04/18 08:25:06 am
4.6 GBp   +7.60%
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Cap XX : Interim Results

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03/06/2019 | 02:22am EDT

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

6 March 2019

CAP-XX Limited

('CAP-XX' or the 'Company')

Interim Results for the half-year ended 31 December 2018

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 2018.

Key highlights

· Total Sales Revenue of A$1.6 million (2017: A$1.5million) up 4%

· Increased like for like gross margin of 54.1% (2017: 49.1%) due to realisation of the Company's previously announced manufacturing initiatives*

· Continuing improvement in EBITDA performance. EBITDA loss reduced to A$1.0 million (2017: loss A$1.4 million)**

· TDK licence arrangement completed in October 2018. Ongoing licencing negotiations with numerous other international parties are at varying stages

· Sales pipeline for prismatic and cylindrical can supercapacitors are at historically high levels. The Company is reviewing options for additional production capacity. In the short term, due to worldwide economic uncertainties, the timing of when certain significant pipeline projects may move to the mass production stage remains unclear

· Product development initiatives remain on track, particularly for the 3 Volt product

· 5% reduction in year on year overhead expenses of A$2.8 million (2017: A$3.0 million), excluding share based payments expense

· Cash reserves as at 31 December 2018 were A$4.6 million (2017: A$1.5 million) which includes the proceeds of the equity subscription in November 2018 (£1.75 million) and the R&D Tax Rebate of A$1.6 million

* Current period Gross Margin result and prior period comparative Gross Margin results have been adjusted to reflect changes in the accounting policy for Gross Margin as set out in Note 2.

** EBITDA excludes amortisation of employee share options.

Anthony Kongats, CEO of CAP-XX said:

'Significant milestones for CAP-XX were delivered over the six months to 31 December 2018. The benefits from previously highlighted manufacturing initiatives are being realised, with a significant improvement in reported gross margins. The ongoing growth in the pipeline of major new sales projects has given the Board the confidence to start examining options for expanding production capacity. The TDK licence agreement has been signed and good progress has been made towards the completion of several other licence arrangements. Development of future product releases, especially the 3V product, remains on schedule.'

Electronic copies of CAP-XX's interim results for the half-year ended 31 December 2018 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 Company's performance for the six months ended 31 December 2018 has delivered some material steps towards the achievement of the organisation's short to medium-term goals. The six months ended 31 December 2018 can be characterised by: gross margin improvement due to the full realisation of process and production initiatives that have been highlighted in previous reports (and notwithstanding the changes in accounting policies described below); royalties from the TDK licence arrangement beginning to be received; and healthy cash reserves due to the proceeds from an equity subscription and the R&D Tax rebate being received. Additionally, the historically high sales pipeline augurs well for long-term sales growth prospects.

In order to represent more accurately the Gross Margin being delivered by the sale of CAP-XX's goods and services, adjustments have been made in the statements of profit or loss and financial position to transfer the impact of both expenditure on eligible research and development activities and work in progress production from the cost of sale of goods and services to operating expenditure and work in progress inventory respectively. This adjustment has been made in both the current period and the comparative period presented below, to ensure that a like for like comparison remains in place. Further details regarding this adjustment can be found in Note 2 below.

The sales pipeline for both prismatic and the recently released cylindrical can supercapacitors are at historically high levels and covers several key market segments, including Automotive, Healthcare, Industrial and Tracking. These opportunities are at various stages of the sales process, but provide the Board and management with confidence in CAP-XX's medium to longer-term sales revenue prospects. To this end, the Board has asked the Company to look at options to increase its manufacturing capacity, including both internal and external manufacturing process options.

In the short-term, the degree of current worldwide economic uncertainty may result in some delays as to when certain of the identified projects within the pipeline may proceed to mass production. Projects are not being cancelled, but are at risk of slippage in terms of the timing of when initial orders were expected to be received. This is a common finding when negotiating with third-parties in the electronic components industry. It is too early to determine the effect that any such timing slippage may have on the results for the second half of the current financial year.

Total revenue for the six months to 31 December 2018 was A$1.6 million (2017: A$1.5 million). Product sales were up on the previous year by 5%. Royalty and licencing revenue were flat when compared to the previous year.

For the six-month operating period ended 31 December 2018, the EBITDA loss of A$1.0 million (2017: EBITDA loss of A$1.4 million), which excludes the amortisation of the share based payment expense, improved A$0.4 million or 32% from the previous year. Cash reserves as at 31 December 2018 were A$4.6 million (2017: A$1.5 million), benefiting from the proceeds of the equity subscription in November 2018 (£1.75 million) as well as the receipt of A$1.6 million (2017: A$1.6 million) from a R&D Tax Rebate in the same month.

The Board was pleased to finalise the TDK licencing arrangements in October 2018 and the initial payments from this agreement have been received over the last six months. There are still several other material licensing agreements being negotiated with several worldwide potential licencees, although given that these licencing discussions are all at differing stages of completion, the Board is reluctant to state publicly when they are likely to be completed. However, it should be stressed that the successful completion of licencing negotiations remains a key short-term objective for the CAP-XX management team. The CAP-XX research and development team are on track for the delivery of their product development road map, with no major obstacles being encountered. This is especially the case for the development of the 3V product which remains on track for release later in 2019.

The Board remains confident that the Company is starting to make material progress towards the achievement of its long-term goal of achieving a cash break-even position as soon as possible.

In terms of the outcome for the full year ending 30 June 2019, although the Company's long-term sales pipeline is healthy, CAP-XX's immediate concern is the short term sales revenue position, and the Board intends to provide a trading update in respect of the second half of the 2019 financial year before the end of April 2019, once all relevant customer visits are completed and their short term order positions are better understood.

Patrick Elliott

Chairman

CAP-XX Limited

Consolidated statement of profit or loss

For the half-year ended 31 December 2018

Consolidated

Half-year 2018

Half-year 2017

Currency: Australian Dollars

$

$

Revenue from sale of goods and services

1,603,484

1,544,554

Cost of sale of goods and services

(735,147)

(787,318)

Gross margin (loss) on sale of goods and services

868,337

757,236

Other revenue

9,519

24,446

Other income

884,211

720,000

General and administrative expenses

(1,067,995)

(924,762)

Process and engineering expenses

(552,131)

(839,603)

Selling and marketing expenses

(339,220)

(358,159)

Research and development expenses

Share based payments

(809,812)

(567,813)

(781,754)

(152,789)

Other expenses

(41,468)

(67,994)

(Loss) before income tax

(1,616,372)

(1,623,379)

Income tax benefit/(expense)

-

-

Net loss after income tax for the half year

(1,616,372)

(1,623,379)

(Loss) attributable to members of CAP-XX Limited

(1,616,372)

(1,623,379)

Loss per share attributable to the ordinary equity holders of the company

Cents

Cents

Basic loss per share

(0.52)

(0.54)

Diluted loss per share

(0.52)

(0.54)

CAP-XX Limited

Consolidated statement of comprehensive income

For the half year ended 31 December 2018

Consolidated

2018

2017

Currency: Australian Dollars

$

$

Loss for the half year

(1,616,372)

(1,623,379)

Other comprehensive income

Items that may be reclassified subsequently to profit or loss

Exchange differences on translation of foreign operations

(38,496)

2,411

Other comprehensive loss for the half year, net of tax

(38,496)

2,411

Total comprehensive loss for the half year attributable to owners of CAP-XX Limited

(1,654,868)

(1,620,968)

CAP-XX Limited

Consolidated statement of financial position

As at 31 December 2018

Consolidated

31 December 2018

30 June 2018

31 December 2017

Currency: Australian Dollars

$

$

$

ASSETS

Current assets

Cash and cash equivalents

4,623,238

1,911,346

1,514,463

Receivables

327,296

823,090

264,839

Inventories

1,814,766

1,404,205

1,668,446

Other

Note 1

921,106

1,784,384

2,430,706

Total current assets

7,686,406

5,923,025

5,878,454

Non-current assets

Property, plant and equipment

590,138

572,949

420,745

Other

236,507

236,507

236,507

Total non-current assets

826,645

809,456

657,252

TOTAL ASSETS

8,513,051

6,732,481

6,535,706

LIABILITIES

Current liabilities

Payables

835,112

1,144,289

1,047,310

Provisions

734,425

760,491

708,167

Total current liabilities

1,569,537

1,904,780

1,755,477

Non-current liabilities

Provisions

125,018

41,296

86,240

Total non-current liabilities

125,018

41,296

86,240

TOTAL LIABILITIES

1,694,555

1,946,076

1,841,717

NET ASSETS

7,001,795

4,786,405

4,693,989

EQUITY

Contributed equity

101,867,507

98,565,062

98,389,390

Reserves

5,741,487

5,212,170

4,480,173

Accumulated losses

(100,607,199)

(98,990,827)

(98,175,574)

TOTAL EQUITY

7,001,795

4,786,405

4,693,989

CAP-XX Limited

Consolidated statements of changes in equity

For the half-year ended 31 December 2018

Consolidated

Contributed

Equity

$

Reserve

$

Accumulated losses

$

Total

$

Balance at 1 July 2017

98,343,719

4,324,973

(96,552,195)

6,116,497

Loss for the period as reported in the 2016 financial statements

-

(2,438,632)

(2,438,632)

Other comprehensive loss

-

(33,031)

-

(33,031)

Transactions with owners in their capacity as owners:

Contributions of equity, net of transaction costs and tax

221,343

221,343

Employee share options ‑ value of employee services

-

920,228

-

920,228

Balance at 30 June 2018

98,565,062

5,212,170

(98,990,827)

4,786,405

Profit for the period as reported in the 2017 interim financial statements

-

-

(1,616,372)

(1,616,372)

Other comprehensive income

-

(38,496)

-

(38,496)

Transactions with owners in their capacity as owners:

Contributions of equity, net of transaction costs and tax

3,302,445

-

-

3,302,445

Employee share options ‑ value of employee services

-

567,813

-

567,813

Balance at 31 December 2018

101,867,507

5,741,487

(100,607,199)

7,001,795

CAP-XX Limited

Consolidated Statement of Cash Flows

For the half-year ended 31 December 2018

Consolidated

Half-year 2018

Half-year

2017

Currency: Australian Dollars

$

$

Cash flows from operating activities

Receipts from customers (inclusive of goods and services tax)

2,259,627

1,853,316

Payments to suppliers and employees (inclusive of goods and services tax)

(4,303,597)

(4,163,655)

(2,043,970)

(2,310,339)

Tax credit received

1,596,547

-

Interest received

9,519

24,446

Net cash (outflow) from operating activities

(437,904)

(2,285,893)

Cash flows from investing activities

Payments for property, plant and equipment

(114,153)

(129,518)

Net cash (outflow) from investing activities

(114,153)

(129,518)

Cash flows from financing activities

Proceeds from issue of shares

3,302,445

45,671

Net cash inflow from financing activities

3,302,445

45,671

Net (decrease) in cash and cash equivalents

2,750,388

(2,369,740)

Cash and cash equivalents at the beginning of the half-year

1,911,346

3,881,792

Effects of exchange rate changes on cash and cash equivalents

(38,496)

2,411

Cash and cash equivalents at the end of the half-year

4,623,238

1,514,463

This general purpose interim financial report, for the half-year reporting period ended 31 December 2018, 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 2018, is unaudited.

Note 1 - Other Assets

Currency: Australian Dollars

Consolidated

2018 2017

$ $

R&D Rebate - Australian Tax Office (FY17) - 1,551,489

R&D Rebate - Australian Tax Office (FY18) 751,000 720,000

Royalty Payments - Accrual 80,320 90,000

Prepayments 78,959 58,390

Other 10,827 10,827

Total Other Assets 921,106 2,430,706

Note 2 Restatement of comparatives

In order to reflect accurately the delivered gross margin, an adjustment has been made to the value of cost of goods and services. This adjustment is necessary to value the expenditure associated with the cost of sale of goods and services in order to accurately record the Gross Margin generated from the sale of CAP-XX's goods and services. Having revisited the gross margin calculation, it has been found that the value of cost of goods and services has been overstated, which has principally included materials, inventory being understated and process and engineering expenses being understated. This is due to the adjustments required in the valuation of work in progress inventory and the reclassification of feedstock expenditure associated with eligible research and development expenditure. This error has been corrected and is reflected in the relevant balances recorded at 31 December 2018 and for the comparative period.

Extracts, being only those line items affected, are disclosed below:

Consolidated Statement of profit or loss of the earlier comparative period - 30 June 2018

Currency: Australian Dollars

Consolidated

2018

2018

Extract

Original basis of calculation

Adjustment

Restated

$

$

$

Expenses

Cost of sale of goods and services

(2,704,077)

738,155

(1,965,922)

Process and engineering expenses

(1,213,190)

(554,856)

(1,768,046)

Loss before income tax

(2,621,931)

183,299

(2,438,632)

Income tax benefit

-

-

-

Net loss for the period

(2,621,931)

183,299

(2,438,632)

Loss attributable to the owners of CAP-XX Limited

(2,621,931)

183,299

(2,438,632)

Consolidated Statement of comprehensive income

Consolidated

Currency: Australian Dollars

2018

2018

Extract

Original basis of calculation

Adjustment

Restated

$

$

$

Loss for the period

(2,621,931)

183,299

(2,438,632)

Total comprehensive income for the period attributable to owners of CAP-XX Limited

(2,621,931)

183,299

(2,438,632)

Consolidated Statement of financial position at the beginning of the earlier comparative period- 30 June 2018

Consolidated

Extract

31/12/2018

Original basis of calculation

Adjustment

31/12/2017

Restated

Current assets

$

$

$

Inventories

1,220,906

183,299

1,404,205

Total current assets

5,739,726

183,299

5,923,025

TOTAL ASSETS

6,549,182

183,299

6,732,481

Net assets

4,603,106

183,299

4,786,405

Equity

Accumulated losses

(99,174,126)

183,299

(98,990,827)

TOTAL EQUITY

4,603,106

183,299

4,786,405

Extracts, being only those line items affected, are disclosed below:

Consolidated Statement of profit or loss of the earliest comparative period - 31 December 2017

Consolidated Statement of profit or loss

Currency: Australian Dollars

Consolidated

2017

2017

Extract

Reported

Adjustment

Restated

$

$

$

Expenses

Cost of sale of goods and services

(1,123,455)

336,137

(787,318)

Process and engineering expenses

(569,997)

(269,606)

(839,603)

Loss before income tax

(1,689,910)

66,531

(1,623,379)

Income tax benefit

-

-

-

Net loss for the period

(1,689,910)

66,531

(1,623,379)

Loss attributable to the owners of CAP-XX Limited

(1,689,910)

66,531

(1,623,379)

Consolidated Statement of comprehensive income

Consolidated

2017

2017

Extract

Reported

Adjustment

Restated

$

$

$

Loss for the period

(1,689,910)

66,531

(1,623,379)

Total comprehensive income for the period attributable to owners of CAP-XX Limited

(1,687,499)

66,531

(1,620,968)

Consolidated Statement of financial position at the beginning of the earliest comparative period- 31 December 2017

Consolidated

Extract

31/12/2017

Reported

Adjustment

31/12/2017

Restated

Current assets

$

$

$

Inventories

1,601,915

66,531

1,668,446

Total current assets

5,811,923

66,531

5,878,454

TOTAL ASSETS

6,469,175

66,531

6,535,706

Net assets

4,627,458

66,531

4,693,989

Equity

Accumulated losses

(98,242,105)

66,531

(98,175,574)

TOTAL EQUITY

4,627,458

66,531

4,693,989

-ENDS-

Disclaimer

CAP-XX Limited published this content on 06 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 March 2019 07:19:07 UTC

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Average target price 0,30  AUD
Spread / Average Target 285%
Managers
NameTitle
Anthony Paul Alexander Kongats Chief Executive Officer, Executive Director & MD
Patrick James Dymock Elliott Non-Executive Chairman
Michael Taylor CFO, COO & Co-Secretary
Alex Bilyk Vice President-Research
Bruce Ferguson Grey Independent Non-Executive Director
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