Share Name Share Symbol Market Type Share ISIN Share Description
Cap-xx LSE:CPX London Ordinary Share AU0000XINAS1 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.125p +0.86% 14.625p 14.50p 14.75p 15.25p 14.50p 14.50p 5,680,087 16:27:40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 2.8 -0.7 -0.3 - 43.58

CAP-XX Limited Interim Results

20/03/2017 7:00am

UK Regulatory (RNS & others)


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RNS Number : 8604Z

CAP-XX Limited

20 March 2017

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

20 March 2017

CAP-XX Limited

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

Interim Results for the half-year ended 31 December 2016

Further strong growth in licensing and new product introductions

CAP-XX Limited, a world leader in the design and manufacture of supercapacitors, which considerably extend the performance of batteries, today announces its interim results for the half-year ended 31 December 2016.

Highlights

-- Total Revenue of A$1.35m was down 18% on the corresponding half year, largely due to a disruption of supply due to a process change at a key raw materials supplier. This issue has now been fully rectified and additional measures have been implemented at the supplier and at CAP-XX to prevent any reoccurrence.

-- Significantly higher number of enquiries for very large volumes of small prismatic supercapacitors, including our Thinline products. The Internet of Things remains the biggest source of these new opportunities.

-- Encouraging levels of large scale sales opportunities for automotive supercapacitors, although the lead time for these opportunities to convert into sales is long. The Board is very pleased with winning the Society of Automotive Engineers - Australasia's 2016 platinum award for overall engineering excellence.

-- The Board is very excited by the recent release of CAP-XX's new range of cylindrical supercapacitors and supercapacitor modules. These are expected to expand greatly the Company's addressable market.

-- The Murata royalty contribution has continued to increase, with the 2016 final quarter payment being the largest yet. In addition, Murata has launched a number of new products, which are expected to accelerate royalties in the short term.

-- AVX has been very active with numerous new products launched, from which CAP-XX has received royalty payments. The Board expects to see an acceleration in royalties from AVX over 2017.

-- The Company's cash position, after the capital raising in January 2017, is healthy and provides the opportunity to accelerate several product and business development opportunities.

-- Licensing activity and opportunities continue to increase and are anticipated to deliver positive outcomes in the short to medium term.

-- Additional manufacturing initiatives have been identified, aimed at further reducing unit costs and increasing manufacturing capacity, to improve Gross Margin in the shorter term.

-- The Company's trading performance for the year ending 30 June 2016 should be in line with current market expectations assuming current licence and sales opportunities are realised in the time expected.

For further information contact:

CAP-XX Limited

Anthony Kongats (Chief Executive Officer) +61 (0) 2 9428 0139

Allenby Capital Limited (Nominated Adviser and Broker)

David Hart/Alex Brearley (Corporate Finance) +44 (0) 20 3328 5656

Kreab

Robert Speed (Financial PR) +44 (0) 20 7074 1800

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 a range of applications including portable and small-scale electronic devices; 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

CAP-XX has again made excellent progress over the six months to 31 December 2016 and beyond in building on and refining its strategy, which is focussed on the licensing of intellectual property combined with the direct manufacturing and sale of supercapacitors. Major developments have included:-

-- The launch of CAP-XX's new range of cylindrical supercapacitors and supercapacitor modules which significantly extends CAP-XX's addressable markets to new customers, with a complete supercapacitor product offering.

-- Enquiries for large supercapacitors and modules for heavy vehicles, automotive, rail and energy storage applications continue to grow in momentum, with numerous opportunities currently under review. Whilst the level of interest in the CAP-XX technology is pleasing, the lead times associated with product development and the ability to generate sales revenue is not short.

-- CAP-XX won the Society of Automotive Engineers - Australasia's platinum award for engineering overall excellence for its automotive powerModule and truckStart projects.

-- The AVX licence relationship continues to grow. AVX commenced royalty payments in July 2016 and has subsequently launched several new products, from which CAP-XX has received royalty payments.

-- Murata's launch of a 0.4mm supercapacitor under the CAP-XX licence agreement is accelerating interest in smart credit cards and wearables, while Murata's launch of its 'UMAL' lithium ion battery range under the CAP-XX licence agreement is accelerating interest in energy harvesting applications.

CAP-XX continues to pursue new high volume opportunities in the small supercapacitor market. These developments, coupled with the increased interest in CAP-XX's technology, reinforce the Board's view that the Company's recent strategy is leading to deeper commercial relationships with key customers.

For the six months ended 31 December 2016, total sales revenue was A$1.3m (1H15: A$1.6m), with small product volumes lower on a year to year basis. In addition to customers transitioning to smaller thinner products, sales volumes were negatively impacted by supplier disruption, which resulted in CAP-XX's manufacturing line being non-operational for a period of seven weeks. This issue was addressed and the manufacturing line has since been fully operational. Additional steps have been put in place both at the supplier and at CAP-XX to ensure that there is no reoccurrence.

The Company is encouraged by the number of high volume sales opportunities (with annual volumes equal to or greater than 1 million units per year) identified and under current evaluation for our large automotive, small prismatic and Thinline supercapacitors. In line with the scale of the potential market, the majority of these opportunities are from the Internet of Things market segment and include smart cards, smart buildings, toll tags, electronic shelf labels, RFID tags, smart meters and other meters.

Consistent with the Company's strategy, the revenue contribution from royalties continues to grow strongly. AVX commenced paying royalties on 1 July 2016 and Murata's payments are building strongly relative to the strong performance from the previous half-year. Both Murata and AVX have recently announced the release of several key new products, which will likely continue to drive CAP-XX's revenue from royalties.

Reported Gross Margin decreased to A$0.2m (1H15: A$0.6m) as a result of the volume and manufacturing issues highlighted above. Our continuous manufacturing improvement programme has identified further manufacturing initiatives which are expected to be commissioned in the current calendar year, aiming to further reduce production costs, improve product quality and increase available manufacturing capacity.

The operating loss before tax was A$1.9m (1H15: loss of A$1.3m). Operating expenditure has been held steady, with headcount and associated expenditure at similar levels as the previous half-year. These levels of expenditure are being maintained to ensure that product development in both small and large footprints remains on schedule and the assessment and evaluation of new raw materials can be maintained. The modest increase in operating expenditure was due to: (i) the share based payment reserve; and (ii) movements in currencies. The change in the accounting treatment associated with the share based payment reserve, that was mentioned in the Annual Report for the year ended 30 June 2016, contributed an additional A$0.2m in expenses. It should be noted that this expense is a non-cash item. The other significant variance was linked to the movement in currencies over the six months to 31 December 2016, especially the movement between USD and GBP, and as a result, the Company reported a A$0.1m foreign exchange loss.

As at 31 December 2016, the Company had cash reserves of A$0.3m (1H15: A$0.9m) which includes the proceeds from the receipt of a tax rebate from the Australian Taxation office of A$1.5m (1H15: A$1.1m). The reported cash reserves exclude the proceeds from the January 2017 capital raising, which raised gross proceeds of GBP2.43m.

The Board remains confident that the Company's strategy is gaining traction and generating good interest from potential licensees and traditional markets. The Board is also confident that the resources currently at the Company's disposal will allow the organisation to also accelerate new business development opportunities, and as such the Board believes that the Company's trading performance for the year ending 30 June 2016 should be in line with current market expectations assuming current licence and sales opportunities are realised in the time expected.

Patrick Elliott

Chairman

20 March 2017

CAP-XX Limited

Consolidated statement of profit or loss

For the half-year ended 31 December 2016

 
                                         Consolidated 
                                        Half-year        Half-year 
                                           2016            2015 
 
Currency: Australian Dollars               $                $ 
 
Revenue from sale of goods 
 and services                               1,347,226    1,644,355 
Cost of sale of goods and 
 services                                 (1,121,004)  (1,014,929) 
                                  -------------------  ----------- 
Gross margin (loss) on 
 sale of goods and services                   226,222      629,426 
 
Other revenue                                   1,849       21,866 
Other income                                  735,399      690,221 
 
General and administrative 
 expenses                                 (1,179,252)  (1,117,635) 
Process and engineering 
 expenses                                   (446,548)    (390,075) 
Selling and marketing expenses              (345,207)    (344,234) 
Research and development 
 expenses                                   (794,698)    (779,058) 
Other expenses                              (129,776)     (41,349) 
                                  -------------------  ----------- 
(Loss) before income tax                  (1,932,011)  (1,330,838) 
                                  -------------------  ----------- 
 
Income tax benefit/(expense)                        -            - 
Net loss after income tax 
 for the half year                        (1,932,011)  (1,330,838) 
                                  -------------------  ----------- 
 
(Loss) attributable to 
 members of CAP-XX Limited                (1,932,011)  (1,330,838) 
                                  ===================  =========== 
 
Loss per share attributable                     Cents        Cents 
 to the ordinary equity 
 holders of the company 
Basic loss per share                           (0.72)       (0.49) 
Diluted loss per share                         (0.72)       (0.49) 
 
 

CAP-XX Limited

Consolidated statement of comprehensive income

For the half year ended 31 December 2016

 
                                                    Consolidated 
 
                                             2016                 2015 
    Currency: Australian 
     Dollars                                   $                    $ 
    Loss for the half year                    (1,932,011)          (1,330,838) 
    Other comprehensive 
     income 
    Items that may be reclassified 
     subsequently to profit 
     or loss 
    Exchange differences 
     on translation of foreign 
     operations                                  (22,323)             (52,865) 
    Other comprehensive 
     loss for the half year, 
     net of tax                                  (22,323)             (52,865) 
    Total comprehensive 
     loss for the half year 
     attributable to owners 
     of CAP-XX Limited                        (1,954,334)          (1,383,703) 
 
 

CAP-XX Limited

Consolidated statement of financial position

As at 31 December 2016

 
                                            Consolidated 
                            31 December        30 June 2016   31 December 
                                   2016                              2015 
 
Currency: Australian              $                 $               $ 
 Dollars 
 
ASSETS 
Current assets 
Cash and cash 
 equivalents                    636,528             331,631       925,334 
Receivables                     280,245           2,078,941       408,832 
Inventories                   1,115,347           1,365,524     2,040,548 
Other                           835,850           1,700,147       807,198 
                           ------------  ------------------  ------------ 
Total current 
 assets                       2,867,970           5,476,243     4,181,912 
                           ------------  ------------------  ------------ 
 
Non-current assets 
Property, plant 
 and equipment                  359,837             364,695       389,012 
Other                           236,507             236,507       236,507 
                           ------------  ------------------  ------------ 
Total non-current 
 assets                         596,344             601,202       625,519 
                           ------------  ------------------  ------------ 
 
TOTAL ASSETS                  3,464,314           6,077,445     4,807,431 
                           ------------  ------------------  ------------ 
 
LIABILITIES 
Current liabilities 
Payables                        620,159             642,358       589,767 
Provisions                      668,056             663,069       929,299 
Secured Loans                         -           1,000,000             - 
Total current 
 liabilities                  1,288,215           2,305,427     1,519,066 
                           ------------  ------------------  ------------ 
 
Non-current liabilities 
Provisions                       82,652              65,664        55,767 
Total non-current 
 liabilities                     82,652              65,664        55,767 
                           ------------  ------------------  ------------ 
 
TOTAL LIABILITIES             1,370,867           2,371,091     1,574,833 
                           ------------  ------------------  ------------ 
 
NET ASSETS                    2,093,447           3,706,354     3,232,598 
                           ============  ==================  ============ 
 
 
EQUITY 
Contributed equity           94,603,260          94,558,726    94,477,373 
Reserves                      4,310,144           4,035,574     3,681,757 
Accumulated losses         (96,819,957)        (94,887,946)  (94,926,532) 
                                                             ------------ 
TOTAL EQUITY                  2,093,447           3,706,354     3,232,598 
                           ============  ==================  ============ 
 

CAP-XX Limited

Consolidated statements of changes in equity

For the half-year ended 31 December 2016

 
                                                              Consolidated 
 
                               Contributed                                     Accumulated 
                                  Equity                 Reserve                  losses            Total 
                                     $                       $                      $                 $ 
 
           Balance at 1 July 
                        2015      94,426,347                   3,664,297       (93,595,694)        4,494,950 
                              --------------  --------------------------  -----------------  --------------- 
         Loss for the period 
              as reported in 
          the 2016 financial 
                  statements               -                                    (1,292,252)      (1,292,252) 
                              --------------  --------------------------  -----------------  --------------- 
 
         Other comprehensive 
                        loss               -                    (45,042)                  -         (45,042) 
          Transactions with 
            owners in their 
        capacity as owners: 
               Contributions 
              of equity, net 
              of transaction 
               costs and tax         132,379                                                         132,379 
              Employee share 
            options -- value 
        of employee services               -                     416,319                  -          416,319 
 
               Balance at 30 
                   June 2016      94,558,726                   4,035,574       (94,887,946)        3,706,354 
                              --------------  --------------------------  -----------------  --------------- 
 
              Profit for the 
          period as reported 
         in the 2016 interim 
        financial statements               -                           -        (1,932,011)      (1,931,702) 
         Other comprehensive 
                      income               -                    (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 
                              --------------  --------------------------  -----------------  --------------- 
 
 
 

CAP-XX Limited

Consolidated Statement of Cash Flows

For the half-year ended 31 December 2016

 
                                         Consolidated 
                                     Half-year       Half-year 
                                        2016            2015 
 
Currency: Australian 
 Dollars                                 $               $ 
 
Cash flows from operating 
 activities 
Receipts from customers 
 (inclusive of goods and 
 services tax)                       3,371,096       2,146,905 
Payments to suppliers 
 and employees (inclusive 
 of goods and services 
 tax)                              (3,553,937)     (4,827,785) 
                                --------------  -------------- 
                                     (182,841)     (2,680,880) 
Tax credit received                  1,542,925       1,127,272 
Interest received                        1,849          21,866 
                                --------------  -------------- 
Net cash (outflow) from 
 operating activities                1,361,933     (1,531,742) 
                                ==============  ============== 
 
Cash flows from investing 
 activities 
Payments for property, 
 plant and equipment                  (79,247)       (184,503) 
Net cash (outflow) from 
 investing activities                 (79,247)       (184,503) 
                                ==============  ============== 
 
Cash flows from financing 
 activities 
Proceeds from issue of 
 shares                                 44,534          51,026 
Proceeds from Loans                (1,000,000) 
Net cash inflow from 
 financing activities                (955,466)          51,026 
                                ==============  ============== 
 
Net (decrease) in cash 
 and cash equivalents                  327,220     (1,665,219) 
Cash and cash equivalents 
 at the beginning of the 
 half-year                             331,631       2,643,418 
                                --------------  -------------- 
Effects of exchange rate 
 changes on cash and cash 
 equivalents                          (22,323)        (52,865) 
                                ==============  ============== 
Cash and cash equivalents 
 at the end of the half-year           636,528         925,334 
                                ==============  ============== 
 
 

This general purpose interim financial report, for the half-year reporting period ended 31 December 2016, 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 2016, is (with the exception of the figures for 30 June 2016 in the Balance Sheet) unaudited.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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