TIDMCPX
RNS Number : 0786O
CAP-XX Limited
29 September 2023
Dissemination of a Regulatory Announcement that contains inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 .
29 September 2023
CAP-XX Limited
("CAP-XX" or the "Company")
Audited results for the year ended 30 June 2023
CAP-XX Limited, a world leader in the design and manufacture of
supercapacitors and energy management systems, is pleased to
announce its audited results for the year ended 30 June 2023.
Key highlights
-- Product sales and total revenue down 35% on last year
-- Gross margin of 43% broadly in line with last year
-- Adjusted EBITDA loss* of A$1.3 million, is up on the previous
year (A$0.5 million) primarily due to the costs associated with the
change in CEO.
-- Outstanding committed order backlog up by 75% on the same time last year
-- Pipeline of new products and services to meet the changing
customer requirements and enhance competitive market position
-- CAP-XX continues to pursue patent infringement action against
Maxwell Technologies (which is still a wholly owned subsidiary of
Tesla Inc.) and other parties. Operating expenses were negatively
impacted by A$1.5 million of associated legal expenditure, down
A$1.0 million on prior year
-- Royalty contribution is primarily from AVX, with court
proceedings in place to ensure payments reflect what is properly
owed
-- CAP-XX cash reserves as at 30 June 2023 were A$2.6 million,
which does not include a A$1.1 million revolving line of credit
drawdown funded by a A$2.0 million R&D tax rebate which is due
during H1 of FY2024
* Adjusted to exclude legal expenses for patent infringement
,CEO transition expenditure, bad debt provision and the
amortisation of share-based payment expenses.
Electronic copies of CAP-XX's audited annual report and accounts
for the year ended 30 June 2023 will shortly be available from the
Company's website: www.cap-xx.com
The Company also announces that its Joint Broker has changed its
name to Cavendish Securities plc following completion of its own
corporate merger.
For further information contact:
CAP-XX Limited
Pat Elliott (Chairman)
Lars Stegmann (CEO) +61 (0) 2 9428 0139
Kreab (Financial PR)
Robert Speed +44 (0) 20 7074 1800
Allenby Capital (Nominated Adviser
and Joint Broker)
David Hart / Piers Shimwell (Corporate
Finance)
Tony Quirke/Stefano Aquilino (Sales
and Corporate Broking) +44 (0) 20 3328 5656
Cavendish Securities plc (Joint
Broker)
Neil McDonald / Pearl Kellie +44 (0) 13 1220 6939
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 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
Chief Executive's review
There is no denying that these have been tough times for our
organisation, and I want to acknowledge the hard work and
dedication of our entire team in the face of adversity. The past
few months have been marked by a volatile market, economic
uncertainties and unprecedented challenges. We've seen our revenues
decline, and our bottom line has been hit hard. It's not easy to
stand before you and admit that we've faced difficulties, but it's
important to recognise the reality of our situation.
However, I want to emphasise that even in these trying times,
there is a silver lining. The challenges encountered have provided
us with invaluable lessons and opportunities for growth. As a
company, we've demonstrated resilience and adaptability in the face
of adversity. Our team has come together, demonstrating an
unwavering commitment to our mission and values.
While our results for the past few months may not be what we had
hoped for, I want to assure you that we are well-positioned for a
brighter future. We have a strategic plan in place that will help
us navigate these turbulent waters and emerge stronger on the other
side.
First and foremost, our commitment to innovation remains
steadfast. We have a pipeline of exciting new products and services
that are set to launch in the coming months. These innovations will
not only meet the changing needs of our customers but also give us
a competitive edge in the market.
Additionally, we are taking proactive measures to streamline our
operations and optimise efficiency. This includes cost-saving
initiatives that will help us weather the current economic
challenges and position us for sustained profitability in the
future.
Furthermore, we are actively diversifying our revenue streams
and exploring new markets. We understand the importance of not
relying solely on one segment of the market, especially in volatile
times. Our expansion into new territories and industries is a
strategic move that will mitigate risks and open up new growth
opportunities.
One of our greatest assets is our dedicated and talented team.
Our employees have shown incredible commitment and adaptability
during these challenging times. We will continue to invest in their
development and well-being, ensuring that we have the best talent
driving our success.
In times like these, maintaining strong relationships with our
partners, suppliers and customers is paramount. We are working
closely with them to navigate the current market conditions, and
these collaborations are critical to our future success. Together,
we will find innovative solutions to the challenges we face.
While we cannot predict the exact timeline for a market
recovery, we are confident that the positive trends we see on the
horizon will lead to improved results in the coming months. We have
a clear vision for the future, and we remain unwavering in our
commitment to achieving our long-term goals.
In conclusion, I want to express my gratitude to all of our
employees, shareholders, customers and partners, for your continued
support and dedication. These are undoubtedly difficult times, but
they are also times of great opportunity for growth and
transformation. Together, we will emerge from this challenging
period stronger, more resilient and better positioned for success,
and we look forward to achieving great things together in the
months and years ahead.
Lars Stegmann
Chief Executive Officer
Chairman's Report
The past year for CAP-XX has been one of major change and
developments, which has established the company for short to medium
term success. The major change is in the executive leadership of
the Company with the appointment of Lars Stegmann as CEO, replacing
CAP-XX's founder Anthony Kongats.
Lars brings to CAP-XX an extensive results and customer focussed
background in power electronics and international sales and
marketing. He has joined CAP-XX as we drive the expansion of our
sales and distribution channels. This is the next step as the
commissioning of the Seven Hills, Sydney manufacturing facility is
largely completed and the plant operating efficiently, albeit with
room for further improvement. The need now is to drive volumes to
get the full benefit of this expansion and achieve profitable
operations after many years of painful losses.
Another significant development was the completion of a capital
raising of approximately GBP2.7 million, via a combination of a
placing, subscription and retail offer. The fundraising was
completed in two tranches and the final tranche completed in the
first week of June 2023, the proceeds to be used for expansion of
the current product range, increasing the sales and marketing
footprint, litigation expenses, capital expenditure (predominately
production equipment) and general working capital. We are grateful
for the support of our shareholders through the provision of the
necessary capital.
I am pleased to report that the development and broadening of
the CAP-XX product range remains broadly on track, with the
commissioning of the DMH production line at Seven Hills expected to
deliver samples before the end of the current calendar year. We
expect volumes to ramp up by early in the next calendar year.
Several customers are in the latter stages of sampling these
products for potentially high-volume applications, and feedback on
customer evaluation is encouraging. The DMH product is a very thin
(0.4 mm) supercapacitor suitable for numerous applications in IoT,
Medical, Telecommunications and Industrial sectors.
In addition, the long-awaited 3V supercapacitor product is able
to be produced in volume and is currently being evaluated by
several potential large volume customers. These are anticipated to
be realised in the second half of the current financial year.
Finally, the development work on the cylindrical surface mount
device (SMD) is nearing completion with production trials underway.
The SMD device offers customers supercapacitor performance in a
form factor that is more suitable for many automated manufacturing
assembly lines. These new products are expected to deliver
significant sales gains as we achieve design wins over the coming
year.
To ensure that we maximise the benefits of our existing product
range and new products, we have also expanded our distribution
network. Digikey was brought on as a distributor in April 2023 and
to date has processed over 50 customer enquiries and sales.
Numerous other Tier 1 and Tier 2 distributors are also in
negotiation to stock the CAP-XX product range. To avoid further
delays, we will continue to discuss with Tier 3 and Tier 4
distributors to expand our network and services.
As an integral part of our new distribution strategy, we are
ensuring that the customer and their specific requirements are the
core focus. The CAP-XX direct sales force is being expanded to
ensure that a greater geographic reach is in place while CAP-XX
representatives will have smaller regional territories, with a
consummate increase in customer communication. To ensure that cash
reserves are conserved, the additional sales representatives are
being engaged on a commission basis. This has already resulted in
driving short-term sales growth and early results are promising.
New sales representatives are currently in place in the US (three),
Europe, India and South Africa. Negotiations are in the final
stages with several other representative organisations which will
further expand the sales base.
Seven Hills production is currently operating on a single shift
basis, which is matched with current demand and has the capacity to
rapidly ramp production to meet the expected increase in demand.
The successful commissioning of the new manufacturing lines has
resulted in a lower cost of in-house production. An evaluation is
underway to determine when the current Seven Hills product range
can be expanded in order to reduce the risk of reliance on the
contract manufacturer in Penang. During the year delayed COVID
issues continued to impact the performance and output of the
contract manufacturer in Penang. However, as the travel bans were
lifted in the second half of the financial year, our engineers were
again able to travel to support this facility. I am pleased to
report that output continues to increase, although there is still
more remedial work to be done to have this facility performing at
historical levels.
CAP-XX continues to pursue a patent infringement action against
Maxwell Technologies, a wholly owned subsidiary of Tesla Inc. As
previously announced, due to the unavailability of expert witnesses
for Maxwell, the trial date was deferred from July 2023 to December
2023. In September 2023, CAP-XX was advised that Tesla had lodged a
patent infringement claim against CAP-XX for patent infringement in
a Texas court. On the data and evidence lodged to date, CAP-XX is
of the opinion that the claim is baseless and that it will be
vigorously defended. CAP-XX remains in dispute with AVX over AVX's
contractual performance in relation to the licence agreement
granted by CAP-XX to AVX. The Company remains confident that
positive outcomes will be reached in both cases in the current
financial year.
Total Company sales revenue for the year to 30 June 2023
decreased by 35% to A$3.6 million (2022: A$5.6 million). The
largest drop in sales revenue by product category was cylindrical
cans which bore the full brunt of the supply chain issues during
late 2022 and early 2023, while Seven Hills manufactured products
were on par in both volume and dollars compared with the previous
year. As reported at the half year, sales were being negatively
impacted due mainly to worldwide supply chain issues and
customers/distributors being over-stocked. It was also highlighted
that it was too early to determine when the recovery would occur
although the second half revenue was expected to be higher than the
first. This was achieved, albeit at a lower rate than what was
initially expected. Conversely, the fourth quarter revenue of FY23
was by far the best performing quarter of FY23 in terms of sales
revenue and, as highlighted earlier, orders are continuing to
increase, notably into the first quarter of FY24. Despite the sharp
decrease in top line sales revenue, the reported gross margin
decreased by 2.1 percentage points from 45.4% to 43.3% due to the
relatively resilient performance of the proprietary prismatic
product lines.
The EBITDA loss for the year to 30 June 2023 was a loss of A$3.9
million (2022: loss of A$2.8 million), with the main variances
being the gross margin shortfall (A$1.0 million) due to the lower
than estimated revenue and the costs associated with the changeover
of CEO (A$0.9 million), which was offset by lower legal expenses
(A$1.5 million). When adjusted for these one-off factors, the like
for like comparison is an adjusted EBITDA loss of A$1.3 million
(2022: loss of A$0.5 million). These results reflect the past and
we believe that CAP-XX is through the worst and recovering from the
revenue shortfall experienced during 2022/23.
Whilst our FY2023 results are disappointing, we have numerous
reasons to believe that CAP-XX is turning around under Lars
Stegmann's leadership. Paramount in this is the strong team of
employees we have who have embraced and are contributing to the
changes that are needed to enable CAP-XX to perform well for its
customers and shareholders while meeting or exceeding the necessary
standards of ESG. We are indebted to all of our staff.
The Board is confident that with the increased focus on the
customer, new distribution strategy and appointment of new sales
representatives, will drive the increase in sales required for the
Company to achieve its positive EBITDA goal in the shortest
possible time frame.
Patrick Elliott
Chairman
29 September 2023
Business Review
Review of Operations and Activities
The reported EBITDA loss for the year to 30 June 2023 was a loss
of A$3.9 million (2022: loss of A$2.8 million), with the main
variances being the gross margin shortfall (A$1.0 million) due to
the lower than estimated revenue and the costs associated with the
changeover of CEO ($0.9 million), which was offset by lower legal
expenses (A$1.5m). When adjusted for these one-off factors, the
like for like comparison is an adjusted EBITDA loss of A$1.3
million (2022: loss of A$0.5 million).
Cash reserves as at 30 June 2023 were A$2.6 million, up from
A$1.6 million as at 30 June 2022. The increase in cash reserves is
the direct result of the GBP2.7 million gross proceeds of the
capital raise that was completed in early June 2023. In addition,
the Board anticipates that the Company will be in receipt of a
Federal Government R&D tax rebate of approximately A$2.1
million, with these funds expected to be received before the end of
the current calendar year, of which A$1.0 million has been drawn
down against a revolving line of credit secured by the R&D tax
rebate.
The Company is undertaking a full evaluation of the way it
analyses and reports its sales pipeline in order to ensure that all
nominated opportunities are rigorously evaluated and to ensure a
realistic probability of conversion of the orderbook to firm
schedules within the short to medium term. This process will be
completed before the end of the current calendar year. The current
level of committed orders outstanding totals US$1.4 million, which
is up 75% on the same time last year. Historically, CAP-XX received
blanket orders, which covered the customer's next 12 months
scheduled demand. Over the past two years, customers ordering
patterns have changed, mainly as a result of overstocking and
overall supply chain issues. Today, customers are typically only
willing to provide firm orders which cover the following three
months, and it is now uncommon to receive orders which cover a full
12 months. As a result, the orders outstanding are predominately
for customer delivery during the period ending December 2023. Sales
representatives are reporting that the overstocking issue in the
supercapacitor markets are easing, and there is increasing
confidence that demand and market confidence is beginning to
return.
Total product sales revenue for the year to 30 June 2023 was
A$3.3 million (2022: A$5.1 million) which represents a 35%
year-on-year decrease. This follows a 44% increase in year-on-year
product sales in the previous year. The contributing factors
underlying this decrease, as highlighted previously, include the
worldwide supply chain issues in the capacitor market, overstocking
from previous years by distributors and customers, and a lack of
short-term confidence in the electronic component market.
Operational expenditure, excluding the legal costs for patent
infringement and direct costs of the Murata project, increased by
15% from A$6.3 million to A$7.2 million. The increase in
expenditure is primarily attributable to the costs associated with
the change in CEO .
Business Environment
The Board believes that CAP-XX's technology provides a
significant competitive advantage over existing supercapacitor
manufacturers such as TDK Corporation, Skeleton, Eaton, LSMitron,
Nippon Chemicon Corporation and other Chinese and Korean
competitors. The Board believes that these companies are unable to
match the CAP-XX technology in terms of thinness, power density,
energy density and reliability. Most of the Company's competitors
only manufacture higher-capacity cylindrical cells used in large
package modules and focus on applications where the combination of
thinness, energy density and power density are not important
considerations for the customer. These competitor products usually
prove unsuitable for the various markets collectively labelled the
Internet of Things (IoT) market, which is the key area that CAP-XX
is targeting with the former Murata products and CAP-XX's existing
prismatic products.
As reported previously, IoT applications, one of the fastest
growing segments of the electronics market, provide one of the
greatest opportunities for CAP-XX's products. Driven by customer
requests, manufacturers are constantly moving to new wireless
protocols and adding to the functions and applications available on
IoT enabled devices. Some of these new functions require high
electrical power within the actual IoT device. Examples are
e-locks, drug dispensing, facial recognition, and haptic feedback.
Other devices are powered by energy harvesting and are
battery-less. Others use low power batteries such as 3 Volt coin
cell batteries. All of this means that power management continues
to be an increasingly important consideration. The other important
factor is size, as devices have tended to become smaller whilst
their electrical power demands have increased. The Company
continues to be successful in winning new business from a range of
these markets, such as industrial actuators, e-locks, agricultural
sensors, wireless displays, smart-meters, payment and handheld
terminals, medical wearables, automotive dashcams and communication
systems.
In the past, CAP-XX has faced competition in various markets
from cheaper cylindrical supercapacitors where our thin form
factor, high power and long life are not valued as highly as lower
initial cost components from competitors. To counteract this, the
Company released a range of cylindrical cells. Modest sales revenue
for these products was first recorded during FY 2019. Since then,
sales have continued to grow strongly, with the Company being
successful in winning a number of large volume orders, with large
volume opportunities currently being evaluated by customers.
As previously reported, automotive applications such as
TruckStart, Stop-Start systems, regenerative energy capture or KERS
(Kinetic Energy Recovery Systems), distributed power, hybrid
electric vehicles and electric vehicles still present substantial
opportunities for large supercapacitors. A number of CAP-XX's
competitors are active in these markets, and the Board believes
that the Company has significant advantages over the competition in
certain applications. Consistent with this strategy the Board took
the opportunity to sign an exclusive distribution agreement with an
established external partner who have a suite of qualified
automotive products ready to market. These products are private
label of CAP-XX and are known as CAPMOD and TruckStart. CAPMOD is a
range of large high voltage modules intended to support a multitude
of large automotive, transportation and renewable energy
applications such as wind farms, solar installations. TruckStart is
a relaunched version of our previous truck-start product.
During the year we also launched a new range of Lithium-ion
supercapacitors which are a hybrid device part lithium ion and part
supercapacitor, that have excellent cycle life and very low leakage
current. This make these products an attractive alternative to
lithium ion batteries are used where high power and long life are
needed.
Opportunities
Our customers' markets are constantly evolving as new products
and technologies threaten the incumbents. In this environment,
CAP-XX needs to always remain alert and be flexible to changing
business conditions and market needs. This creates opportunities to
offer products that address what our markets want.
CAP-XX is continuing to refine the products that it offers for
the various IoT applications and other markets. The Company has
introduced its DMF and DMT thin prismatic supercapacitors to
address the space-constrained and/or power-hungry needs of many IoT
products. These products are already being shipped from the
Company's Seven Hills factory. The Company plans to commission and
commence shipments of the very thin DMH supercapacitor around Q4
2023. At only 400 microns in thickness, the Board believes that
this is the best performing supercapacitor in its class. Customers
are already evaluating these parts with pleasing results and large
volume orders are expected in the forthcoming months.
The Company also plans to use its 3 Volt chemistry in the DMF
products made at Seven Hills. The Company had previously planned to
produce 3 Volt products in Malaysia but the ongoing disruptions and
travel restrictions caused by COVID made this impractical. The
first 3 Volt products from Seven Hills have been sent to customers
for evaluation. The development of the 3 Volt product has been
targeted to meet demand for small, inexpensive, energy efficient
power solutions for thin wearables, key FOBs and other IoT devices,
especially those using 3 Volt coin cell lithium ion batteries, such
as the CR2032 battery.
In the future, there is an opportunity to migrate this same 3
Volt technology into larger prismatic supercapacitors, automotive
modules, and other products for high-energy, high-power
applications. As already noted, CAP-XX is concentrating on a small
number of automotive opportunities. To further increase the
Company's likelihood of success, the Board is investigating a
strategy of partnering with automotive and military Tier-1/Tier-2
suppliers, through either a new license agreement or a joint
venture, to supply the automotive markets. The Board believes that
such partnerships will be beneficial for all parties involved.
The Company intends to continue using its intellectual property
to develop additional substantial and recurring income. A
significant benefit of the existing licencing agreements is that
they validate CAP-XX's technology leadership in the field of
supercapacitors and energy storage, and the potential for
supercapacitors as a mainstream consumer electronics technology.
Our licensees' product lines and sales activities are also
increasing our exposure to markets and customers that were
previously beyond the Company's reach. It is also important to note
that the strategy of our licensees is to offer product ranges
targeted at certain end markets. As such, none of them meet the
product type or size requirements for all markets and all
applications, leaving scope for CAP-XX to supply these other
markets directly using products made by CAP-XX and its contract
manufacturers.
Strategies for Growth
Given the high level of market interest in CAP-XX's technology
and its high-performance supercapacitors, the Company believes that
the IoT markets, in particular, offer significant opportunities for
growth and to reach the key strategic objective of CAP-XX achieving
profitability and positive cashflow.
The Company continues to engage in discussions aimed at securing
business in the IoT space with a significant number of global
original equipment manufacturers (OEMs). CAP-XX is strengthening
its relationships with these organisations and has regular
engineering meetings with design teams, manufacturing groups and
contract manufacturers. The Company is unable to comment on
specific clients, but the Board is pleased with the overall
progress and is confident that the available market for
supercapacitors is increasing as manufacturers become more familiar
with the technology.
Over the last year, the Company has aligned its marketing
activities to specifically focus on a number of different IoT
markets, such as asset tracking, automotive, e-locks, medical
devices, handheld terminals, smart meters, wearables and wireless
sensors. The efforts to date have produced a significant increase
in visits to the Company's webpages and sales enquiries. The Board
expects this growth to continue. CAP-XX's strong environmental
credentials, which have been recognised by the London Stock
Exchange providing the Company with its Green Economy Mark, are
consistent with this strategy.
The Company will continue to monitor new opportunities to
increase its sales, through its current distributors, via direct
sales to customers and new product offerings. These offerings may
take the form of complementary energy storage devices and modules.
The Company is also increasing the size of its own sales force and
adding new distributors to ensure that global coverage and
penetration is maximised.
It is important that the Company is able to benefit from the
large investment made over many years in building its patent
portfolio. Where third parties are found to be infringing these
patent rights, the Company has and will continue to vigorously
defend its rights, even if this means pursuing legal action as it
did successfully against Ioxus.
Research and Development
The markets in which the Company operates are competitive and
are characterised by rapid technological change. CAP-XX has a
strong competitive position in prismatic supercapacitors in all of
its target markets as a result of its capability to produce
supercapacitors with a high energy and power density in a small,
conveniently sized, flat package. CAP-XX's devices are also
lightweight, work over a broad temperature range and have an
operating lifetime measured in years.
To stay ahead of the competition, the Company is developing a
strong pipeline of new products to follow the DMH and 3 Volt
products already discussed. CAP-XX's R&D efforts are focused on
a mix of short, medium and long-term opportunities, covering new
products, cost reductions and improved product performance. CAP-XX
has a research facility within its Seven Hills site in Sydney,
Australia, where a team of six scientists work to maintain CAP-XX's
leading technology position in electrodes, separators and
electrolyte materials and their assembly into supercapacitor
devices. This team is supported by 11 engineers. During 2023,
significant progress has been made in a number of key areas
including improvements on the former coating, DMF and DMT lines,
new cell chemistries, improving the life of cells, developing new
packaging concepts, reducing the cost per cell and developing new
electronics to optimise the performance of the Company's modules.
CAP-XX has also signed numerous collaboration agreements with
leading research institutions, whilst the Company's Scientific
Advisory Board provides CAP-XX with clear direction on
commercially relevant technologies for its ongoing R&D
programme.
The Company's success depends on its ability to protect and
prevent any infringements of its intellectual property. To protect
this important asset, the Company has considerable intellectual
property embodied in its patents covering the design, manufacture
and use of its high-performance supercapacitors. The CAP-XX patent
portfolio currently consists of seven patent families, with seven
granted national patents with an additional two patent applications
pending in various jurisdictions. The Company's intellectual
property strategy has been to build value by focusing on
opportunities to capture market share and exclude competition, with
an IP portfolio capable of generating licensing revenue. The
Directors believe that comprehensive embodiments and interlocking
patent groups, combined with a 'quick to file, quick to abandon'
policy, have given the Company a strong and focused IP
portfolio.
Outlook
The major focus for CAP-XX continues to be to become profitable
and cashflow positive as soon as possible. This will be achieved by
increasing product sales from the newly installed facilities at
Seven Hills, through an increased focus on the customer, new
distribution strategy and expansion of the sales force,
supplemented by the newly launched product families and the
intellectual property which the Company is continuously
developing.
CAP-XX Limited
Consolidated statement of profit or loss
For the year ended 30 June 2023
Consolidated
2023 2022
Currency: Australian Dollars Notes $ $
Revenue from continuing operations 1 3,631,690 5,557,260
Cost of sales 2 (2,060,527) (3,032,921)
----------- -------------
Gross Profit 1,571,163 2,524,339
Other revenue 1 664 3,894
Other income 3 2,165,429 2,272,442
General and administrative
expenses (4,264,901) (4,478,616)
Process and engineering expenses (1,357,516) (1,222,409)
Selling and marketing expenses (846,536) (886,494)
Research and development expenses (1,677,478) (1,572,421)
Share based payments expense (613,980) (1,133,399)
Other expenses 4 (535,972) (446,196)
----------- -------------
Loss before income tax (5,559,127) (4,938,860)
----------- -------------
Income tax benefit - -
Net loss for the year (5,559,127) (4,938,860)
----------- -------------
Loss attributable to owners
of CAP-XX Limited (5,559,127) (4,938,860)
=========== =============
Earnings per share for loss
attributable to the ordinary
equity holders of the Company Cents Cents
Basic loss per share 5 (1.1) (1.0)
Diluted loss per share 5 (1.1) (1.0)
CAP-XX Limited
Consolidated statement of comprehensive income
For the year ended 30 June 2023
Consolidated
2023 2022
Currency: Australian Dollars Notes $ $
Loss for the year (5,559,127) (4,938,860)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Exchange differences on translation
of foreign operations (27,433) (53,490)
Other comprehensive loss for
the year, net of tax (27,433) (53,490)
Total comprehensive loss for
the year attributable to owners
of CAP-XX Limited (5,586,560) (4,992,350)
CAP-XX Limited
Consolidated statement of financial position
As at 30 June 2023
Consolidated
June 30, 2023 June 30, 2022
Currency: Australian Dollars Notes $ $
ASSETS
Current assets
Cash and cash equivalents 2,643,810 1,614,714
Receivables 959,515 1,116,902
Inventories 2,201,906 1,836,148
Other 2,429,946 2,143,011
--------------- -----------------
Total current assets 8,235,177 5,248,141
--------------- -----------------
Non-current assets
Property, plant and equipment 2,428,233 2,696,120
Right of use assets 2,193,777 2,549,276
Other 204,808 204,808
--------------- -----------------
Total non-current assets 4,826,818 5,450,204
--------------- -----------------
Total assets 13,061,995 12,160,979
--------------- -----------------
LIABILITIES
Current liabilities
Payables 1,833,557 1,281,367
Lease liabilities 194,888 193,261
Provisions 632,655 868,096
Interest bearing liabilities 1,038,054 -
--------------- -----------------
Total current liabilities 3,699,154 2,342,724
--------------- -----------------
Non-current liabilities
Lease liabilities 2,024,584 2,218,062
Provisions 803,910 757,245
-----------------
Total non-current liabilities 2,828,494 2,975,307
--------------- -----------------
Total liabilities 6,527,648 5,318,031
--------------- -----------------
Net assets 6,534,347 6,842,948
=============== =================
EQUITY
Contributed equity 119,175,769 114,511,790
Reserves 8,100,320 7,513,773
Accumulated losses (120,741,742) (115,182,615)
-----------------
TOTAL EQUITY 6,534,347 6,842,948
=============== =================
Consolidated statement of cash flows
For the year ended 30 June 2023
Consolidated
2023 2022
Currency: Australian Dollars $ $
Cash flows from operating
activities
Receipts from customers (inclusive
of goods and services tax) 3,806,845 5,122,173
Payments to suppliers and employees
(inclusive of goods and services
tax) (9,976,681) (10,604,235)
----------- ------------
(6,169,836) (5,482,062)
Tax credit received 2,043,384 3,200,660
Interest paid on lease liabilities (207,787) (290,873)
Interest received 664 3,894
----------- ------------
Net cash (outflow) from operating
activities (4,333,575) (2,568,381)
=========== ============
Cash flows from investing
activities
Payments for property, plant
and equipment (118,166) (1,89,902)
Contributions from lessor - 163,000
=========== ============
Net cash (outflow) from investing
activities (118,166) (26,902)
=========== ============
Cash flows from financing
activities
Proceeds from issue of shares
(net of costs) 5,074,950 6,106,584
Costs associated with the issue
of shares (410,971) (456,053)
Proceeds/ (repayment) from
borrowings 1,038,054 (1,400,000)
Principal repayments for lease
liability (193,763) (169,175)
Net cash inflow from financing
activities 5,508,270 4,081,356
=========== ============
Net increase in cash and cash
equivalents 1,056,529 1,486,073
Cash and cash equivalents at
the beginning of the financial
year 1,614,714 182,601
Effects of exchange rate changes
on cash and cash equivalents (27,433) (53,960)
----------- ------------
Cash and cash equivalents
at the end of the financial
year 2,643,810 1,614,714
=========== ============
Notes to the financial statements
Basis of preparation
The financial information included in this announcement does not
constitute statutory accounts within the meaning of the Australian
Corporations Act 2001. Whilst the financial information has been
computed in accordance with Australian equivalents to International
Financial Reporting standards and other authoritative
pronouncements of the Australian Accounting Standards Board, Urgent
Issues Group Interpretations and the Corporations Act 2001, this
announcement does not itself contain sufficient information to
comply with those requirements.
Note 1 Revenue Consolidated
2023 2022
$ $
Sale of Goods 3,288,692 5,069,186
License Fees & Royalties 342,998 488,074
3,631,690 5,557,260
--------- ----------
Other revenue
Interest 664 3,894
--------- ----------
664 3,894
--------- ----------
Note 2 Cost of Sale of Goods Consolidated
2023 2022
$ $
Direct materials and labour 1,786,716 2,685,204
Indirect manufacturing expenses 273,811 347,717
2,060,527 3,032,921
--------- ----------
Note 3 Other income Consolidated
2023 2022
$ $
Foreign Exchange Gains - (net) 22,045 199,308
R&D Tax Incentive 2,143,384 2,073,134
2,165,429 2,272,442
------------------------------------ ----------
Note 4 Other Expenses Consolidated
2023 2022
$ $
Provision for Withholding
Tax Diminution 18,274 31,268
Provision for expected credit
loss 189,491 120,484
Provision for make good on
premises 40,999 -
Interest - lease liabilities 206,663 225,151
Interest - R&D Advance 80,545 69,293
535,972 446,196
---------- -----------------
Note 5 Loss per share
Consolidated
2023 2022
$ $
Net loss (5,559,127) (4,938,860)
Loss per share - undiluted ($0.011) ($0.010)
Weighted Average Shares in
Issue during the year 529,010,650 502,535,625
Note 6 AASB16 Reconciliation
Consolidated
2023 2022
$ $
Balance from previous year 2,411,323 2,580,498
Additions - -
Interest on lease liabilities 206,663 221,580
Repayments on lease liabilities (398,514) (390,755)
Balance as at 30 June 2023 2,219,472 2,411,323
Consolidated
Note 7 EBITDA Calculation
2023 2022
$ $
Net loss - Reported (5,559,127) (4,938,860)
Depreciation 741,552 726,155
Interest Expense 328,207 294,444
Share Based payments 613,980 1,133,399
------------- -----------
Interest Income (664) (3,894)
EBITDA (3,876,052) (2,788,756)
Bad Debt Provision 189,491 -
Patent Infringement expense 1,472,664 2,388,322
CEO Transition 872,122
Adjusted EBITDA (1,341,775) (450,434)
------------- -----------
Note 8 - Share Options Grant
- CEO
The 20,000,000 share options that were granted to Lars Stegmann,
Chief Executive Officer, on the 11 May 2023 and originally
announced on 12 May 2023 disclosed an incorrect vesting period. The
correct vesting period for Mr Stegmann's options are as
follows:
-- 25% will vest 24 months after the vesting commencement date.
-- 6.25% of the total options shall vest on each subsequent
quarterly anniversary of the vesting commencement date
thereafter.
All other terms remain the same as announced on 12 May 2023.
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END
FR UWVWRORUKUAR
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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