TIDMCPX
RNS Number : 2718Q
CAP-XX Limited
25 February 2021
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 .
25 February 2021
CAP-XX Limited
("CAP-XX" or the "Company")
Interim Results for the half-year ended 31 December 2020
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 2020.
Key highlights
-- Adjusted EBITDA profit was A$0.32 million compared to the
corresponding half-year loss of A$(0.44 million)*.
-- EBITDA loss of A$0.9 million* (2019: loss of A$0.8 million*)
is in line with the corresponding half-year period to 31 December
2019, but does include the Murata Project expenditure of A$2.0
million (2019: Nil).
-- Total Sales Revenue of A$2.1 million (2019: A$1.9 million) up 10%
-- Product Revenue of A$1.7 million (2019: A$1.4 million) is up 26%
-- Royalty and license fees were A$0.4 million (2019: A$0.6 million)
-- Project to transfer the former Murata manufacturing assets
has made excellent progress with key project deliverables and
milestones on track
-- Order book double the level as at the same time last year
driven by IoT markets. Customer demand building. Potential demand
already exceeds annual capacity
-- Increasing interest from global multinational companies.
Design win achieved with Tier 1 Auto supplier. Approved as supplier
to global smart phone manufacturer
-- Vigorously pursuing several companies for patent infringement
-- Operating expenses of A$2.5 million (2019: A$ 2.8 million),
excluding share-based payments expense and Murata project expenses,
reduced due to lower patent infringement expenses and overseas
travel
-- Cash reserves at the end of December 2020 were A$0.5 million
(2019: A$1.8 million) which does not include the proceeds of the
R&D Tax Rebate of A$3.1 million received in January 2021
* EBITDA excludes amortisation of employee share options.
Adjusted EBITDA excludes amortisation of employee share options,
Murata project costs and any related R&D tax rebate, patent
infringement expenses and AASB16 lease costs
Anthony Kongats, CEO of CAP-XX said:
"We are delighted with both the progress of the Murata project
and the strength of the underlying business, against the
unprecedented background resulting from Covid-19. We enter the
second half of the year with a strong order book and rising enquiry
levels as we raise production levels at our newly installed
manufacturing facility."
Electronic copies of CAP-XX's interim results for the half-year
ended 31 December 2020 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 (Corporate Finance +44 (0) 20 3328 5656
Tony Quirke (Sales and Corporate Broking)
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 first half of the current financial year has been characterised
by strong sales demand. Product sales at A$1.7m are up 26% on the
corresponding period last year (A$1.4m) and the order book at the
end of December 2020 was 75% higher than at the same time last year.
Furthermore, since the period end the order book has continued to
grow and as at the end of January stood at over 100% higher than
at the end of January 2020. Pleasingly, the growth in the order
book is well spread, coming from all geographic regions and from
different Internet of things (IoT) related market segments. Conversely,
Royalty payments from AVX and Murata have stagnated. Total revenue
was up 10% at A$2.1m compared to A$1.9m. The reported Net Loss for
the period was A$(1.2m) including Murata project expenses of A$2.0m.
This compared to a Net Loss of A$(1.0m) for the corresponding period
last year. If project costs and their related R&D tax rebate, patent
infringement expenses, amortisation of employee share options and
AASB16 lease expenses are excluded, then the adjusted EBITDA profit
was A$0.32m compared to a loss of A$(0.44m) for the corresponding
period last year. Cash at the end of December 2020 was A$0.5m before
the receipt of the A$3.1m R&D tax rebate in early January 2021.
Our sales and marketing focus on IoT market segments has delivered
good results. The Board believes that demand for both non-cellular
and cellular IoT devices is growing rapidly. Sales for automotive
accessories, electronic locks and battery-less energy harvesting
products have been particularly strong. At the same time, the Company
achieved several new design wins in wearables, consumer, medical
and automotive products. Pleasingly, the Company is seeing increasing
interest in its products from global multinational companies. The
Company has notably achieved a design win with a global Tier-1 automotive
component supplier for passenger vehicle door locking and climate
control applications and is working on a second project related
to data logging with the same Tier-1 supplier as it completes the
formal supplier accreditation process. This Tier-1 supplier was
previously a customer of Murata. In addition, CAP-XX has been approved
as a supplier by a leading global smart phone manufacturer. In the
area of energy harvesting, the Company is working with Epishine
of Sweden and ePeas of Belgium to introduce battery-less solutions
for a range of IoT products. The three companies will be jointly
hosting a training webinar for prospective customers next month.
Announcements of other collaborations are expected over the coming
months.
As previously reported, the global pandemic has continued to impact
the Company most noticeably in our various manufacturing activities.
The Company had planned and agreed to bring in a number of Japanese
engineers and experts to assist it with the commissioning of the
new production lines at Seven Hills. However, global travel restrictions,
limited international flights and mandatory hotel quarantine requirements,
made this impossible. Subsequently, the Company's engineers, with
the assistance of Murata and other Japanese equipment suppliers,
revised the plans for the commissioning of the production lines
to continue under remote assistance and guidance from Japan. It
is a credit to everyone involved that the Company was still able
to complete the commissioning of the production lines and construction
of the new 3,300 sq. metre facility within the original budget proposed,
which was set well before the start of the pandemic.
The electrode, DMF and DMT production lines are now commissioned
and operational, with product shipping to customers. The current
output and key performance metrics are currently tracking in line
with our expectations. As expected at this stage of production,
the Company is continuing to address small incremental improvements
and is hiring additional staff for the Seven Hills facility. We
expect to see steady improvement over the remainder of 2021. The
Board is confident that target outputs and other key performance
metrics will be reached by the end of 2021 as initially planned.
The commissioning of the fourth production line, the DMH line, is
still planned for the latter half of 2021, with production expected
to start in early 2022 as time and resources allow and subject to
customer demand.
CAP-XX's Malaysian operations have also been impacted by the pandemic.
Various Malaysian government mandated lockdowns have restricted
the Company's ability to increase output as fast as management would
have liked in response to the growing sales order book. Most noticeably,
we have faced delays in recruiting additional staff and have been
unable to travel from Seven Hills to Malaysia to oversee pre-production
manufacturing of new products and processes. Nevertheless, CAP-XX
has successfully increased output and expects output to increase
further over the coming months.
R&D activities continue to progress and promising developments in
new intellectual property were made to reduce supercapacitor production
costs, increase cell voltage and improve product performance, using
new materials.
Licensing remains an important revenue stream for CAP-XX and the
Company continues to defend its intellectual property. CAP-XX continues
to vigorously pursue its patent infringement action against Maxwell
Technologies, now a wholly owned subsidiary of Tesla Inc. and other
companies. The same Delaware court which ruled in favour of CAP-XX
against Ioxus is also hearing the case against Maxwell Technologies
and has issued a timetable for resolution of this matter. Court
mediation is scheduled for September 2021 and if the matter is not
resolved trial is scheduled for October 2022. The Board remains
optimistic of the Company's prospects in this matter. CAP-XX is
continuing to pursue Ioxus for the payment of the awarded damages.
However, it remains unclear whether Ioxus will be capable of paying.
The Company is also in discussions with other companies about licencing
opportunities.
The Board is confident that the commissioning of the Murata production
lines will transform the Company's revenue position with a consequential
benefit to cash flow and the cash position of the Company.
Patrick Elliott
Chairman
CAP-XX Limited
Consolidated statement of profit or loss
For the half-year ended 31 December 2020
Consolidated
Half-year 2020 Half-year 2019
Currency: Australian Dollars $ $
Revenue from sale of goods and
services 2,126,564 1,932,591
Cost of sale of goods and services (1,158,340) (862,558)
------------------- ----------------
Gross margin (loss) on sale of
goods and services 968,224 1,070,033
Other revenue 501 9,964
Other income 2,292,781 941,678
General and administrative expenses (944,949) (1,205,098)
Process and engineering expenses (229,994) (478,521)
Selling and marketing expenses (437,791) (404,326)
Research and Development expenses (740,021) (746,771)
Project expenses (2,017,614) -
Share based payments (68,192) (173,774)
Other expenses (67,250) (42,127)
------------------- ----------------
(Loss) before income tax (1,244,305) (1,028,942)
------------------- ----------------
Income tax benefit/(expense) - -
Net loss after income tax for
the half year (1,244,305) (1,028,942)
------------------- ----------------
(Loss) attributable to members
of CAP-XX Limited (1,244,305) (1,028,942)
=================== ================
L oss per share attributable Cents Cents
to the ordinary equity holders
of the company
Basic loss per share (0.28) (0.32)
Diluted loss per share (0.28) (0.32)
CAP-XX Limited
Consolidated statement of comprehensive income
For the half year ended 31 December 2020
Consolidated
2020 2019
Currency: Australian Dollars $ $
Loss for the half year (1,244,305) (1,028,942)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Exchange differences on translation
of foreign operations 102,943 (13,919)
Other comprehensive loss for
the half year, net of tax 102,943 (13,919)
Total comprehensive loss for
the half year attributable
to owners of CAP-XX Limited (1,141,362) (1,042,861)
CAP-XX Limited
Consolidated statement of financial position
As at 31 December 2020
Consolidated
31 December 31 December
2020 2019
Currency: Australian $ $
Dollars
ASSETS
Current assets
Cash and cash equivalents 469,472 1,751,424
Receivables 455,454 466,152
Inventories 1,041,169 1,503,159
Other 5,698,264 1,629,358
------------------- ------------------
Total current assets 7,664,359 5,350,093
------------------- ------------------
Non-current assets
Property, plant and
equipment 2,624,744 1,110,317
Right of Use Assets 3,059,608 -
------------------- ------------------
Other 204,808 236,507
------------------- ------------------
Total non-current assets 5,889,160 1,346,824
------------------- ------------------
TOTAL ASSETS 13,553,519 6,696,917
------------------- ------------------
LIABILITIES
Current liabilities
Payables 1,489,078 546,399
Lease Liabilities 268,051 -
Advance payments -
Current 1,442,900
Provisions 1,401,354 833,431
Total current liabilities 4,601,383 1,379,830
------------------- ------------------
Non-current liabilities
Lease Liabilities 2,241,620
Provisions 53,332 41,738
Total non -current
liabilities 2,294,952 41,738
------------------- ------------------
TOTAL LIABILITIES 6,896,335 1,421,568
------------------- ------------------
NET ASSETS 6,657,184 5,275,349
=================== ==================
EQUITY
Contributed equity 108,153,306 101,915,665
Reserves 6,461,120 6,192,848
Accumulated losses (107,957,242) (102,833,164)
------------------
TOTAL EQUITY 6,657,184 5,275,349
=================== ==================
CAP-XX Limited
Consolidated statements of changes in equity
For the half-year ended 31 December 2020
Consolidated
Contributed Accumulated
Equity Reserve losses Total
$ $ $ $
Balance at 1 July
2019 101,915,665 6,032,993 (101,804,222) 6,144,436
--------------- -------------------------- ------------------ ---------------
Loss for the period
as reported in the
2019 financial statements - (4,908,715) (4,908,715)
--------------- -------------------------- ------------------ ---------------
Other comprehensive
loss - (22,894) - (22,894)
Transactions with
owners in their capacity
as owners:
Contributions of equity,
net of transaction
costs and tax 6,094,441 6,094,441
Employee share options
-- value of employee
services - 279,886 - 279,886
Balance at 30 June
2020 108,010,106 6,289,985 (106,712,937) 7,587,154
--------------- -------------------------- ------------------ ---------------
Profit for the period
as reported in the
2020 interim financial
statements - - (1,244,305) (1,244,305)
Other comprehensive
income - 102,943 - 102,943
Transactions with
owners in their capacity
as owners:
Contributions of equity,
net of transaction
costs and tax 143,200 - - 143,200
Employee share options
-- value of employee
services - 68,192 - 68,192
Balance at 31 December
2020 108,153,306 6,461,120 (107,957,242) 6,657,184
--------------- -------------------------- ------------------ ---------------
CAP-XX Limited
Consolidated Statement of Cash Flows
For the half-year ended 31 December 2020
Consolidated
Half-year 2020 Half-year 2019
Currency: Australian Dollars $ $
Cash flows from operating activities
Receipts from customers (inclusive
of goods and services tax) 2,460,431 1,913,899
Payments to suppliers and employees
(inclusive of goods and services
tax) (5,397,193) (3,642,199)
------------------- -------------------
(2,936,762) (1,728,300)
Tax credit received - 1,592,042
Interest received 501 9,964
------------------- -------------------
Net cash (outflow) from operating
activities (2,936,261) (126,294)
=================== ===================
Cash flows from investing activities
Payments for property, plant
and equipment (1,178,792) (537,519)
Net cash (outflow) from investing
activities (1,178,792) (537,519)
=================== ===================
Cash flows from financing activities
Proceeds from issue of shares 143,200 -
Advance payments 1,442,900 -
Net cash inflow from financing
activities 1,586,100 -
=================== ===================
Net (decrease) in cash and cash
equivalents (2,528,953) (663,813)
Cash and cash equivalents at
the beginning of the half-year 2,895,482 2,429,156
------------------- -------------------
Effects of exchange rate changes
on cash and cash equivalents 102,943 (13,919)
=================== ===================
Cash and cash equivalents at
the end of the half-year 469,472 1,751,424
=================== ===================
This general purpose interim financial report, for the half-year
reporting period ended 31 December 2020, 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 2020, is unaudited.
-ENDS-
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