Interim Results

CAP-XX Limited 31 March 2008 31 March 2008 CAP-XX Limited Interim results for the half-year ended December 31st 2007 Financial Highlights • Sales of A$2.6m were 10% higher than the corresponding period last year, up 25% in US$ • Loss of A$4.5m, 5% lower than the corresponding period last year • Cash balance at end of period was A$5.6m Operational Highlights • CAP-XX has established a unique technology position and built a powerful commercial partnership based 'ecosystem' with top 5 handset manufactures and their tier 1 suppliers • Executing to previously defined strategy despite challenging environment • Manufacturing partner will accelerate design wins whilst reducing financial and execution risk • Positioned for high volume mass-production with established and powerful brand Anthony Kongats, CEO of CAP-XX said: 'CAP-XX has developed a unique technology position and significantly advanced its relationships with the leading mobile handset manufacturers since listing on AIM. The securing of a partnership agreement, announced last week, will enable us to expand capacity to meet the demands of our target markets whilst reducing execution risk in the widespread adoption of our supercapacitor product.' For further information contact: CAP-XX Anthony Kongats, Chief Executive Officer +44 (0) 20 7554 1400 +61 (0) 2 9428 0139 Gavin Anderson & Company (Financial PR) Robert Speed / Deborah Walter / Stuart Macaulay +44 (0) 20 7554 1400 Collins Stewart (Broker and Nomad) Tim Mickley +44 (0) 20 7523 8000 More information is available at www.cap-xx.com Chairman's Review Business overview I am pleased to report that during the half year ending 31 Dec 2007 and in the subsequent period, CAP-XX has achieved key milestones in the execution of its strategy to become a significant supplier to the hand held mobile device markets. It has also shown steady growth in its sales and operations over the reporting period. CAP-XX's strategy has been to develop relationships with mobile phone manufacturers that will lead to them designing the CAP-XX supercapacitors into their products. At the same time it has needed to provide the manufacturing credibility to ensure that it can deliver large volumes of reliable high quality devices to fulfil customer requirements. Relationships with key departments of the top five mobile phone manufacturers have been deepened and three well known suppliers are now providing integrated circuits for applications such as camera flash and power management integrating CAP-XX supercapacitors. This is a significant enabling step for mobile phone manufactures to implement solutions incorporating our supercapacitors. The next milestone has been the signing of a letter of intent for a partnership agreement with Murata Manufacturing Company which will offer confidence to customers that supercapacitors can be shipped to them in quantity and quality. Murata is a world leading supplier of electronic components to the mobile handset (as well as many other) industries. The agreement with Murata has 'de-risked' the Company as a supplier and therefore strengthens the long term future of our Company. The Company's engineers have made steady development progress to support the requirements of the mobile phone markets. Product specifications have been sharpened and manufacturing equipment designed and ordered to manufacture these products. This equipment will be installed and commissioned midyear which will enable the initial production of devices for the mobile phone markets into the second half of the year. A new range of higher temperature, higher voltage supercapacitors also entered production during the half. Sales growth during the half ended 31 December, 2007 grew 25% in US dollar terms but rose 10% in Australian dollar terms. Several new customers were obtained notably in vehicle tracking systems and specialised radio applications. I am also pleased to advise that we have welcomed Michael Taylor to the CAP-XX team. Michael is a very experienced financial executive and has taken the role of Chief Financial Officer. Like many 'small cap' companies in the current environment, we do not think that the movement in the Company's share price reflects the positive operational and business development progress of the Company. As operational and partnership development have underpinned the Company's progress we have no immediate plans to raise capital in the current financial market. The CEO and his team have made excellent progress over the reporting period despite an unhelpful environment. Notes to Editors: CAP-XX is a world leader in the design and manufacture of thin form supercapacitors and energy management systems, predominantly for portable electronic devices. The unique feature of CAP-XX's supercapacitors is their ability to store high volumes of energy and output high power levels within a thin form design. These attributes will be critical for the next generation of high volume, power-hungry portable electronic devices, including mobile phones. Portable devices are one of the fastest growing segments of the electronics market and provide the greatest opportunities for CAP-XX's products. CAP-XX's products are already an established enabling technology for the current generation of wireless devices, such as PDAs and PCMCIA cards. CAP-XX Limited Income statement - Unaudited For the half-year ended 31 December 2007 Consolidated Half-year 2007 Half-year 2006 Currency: Australian Dollars $ ' 000 $ ' 000 Revenue from sale of goods 2,631 2,384 Cost of sale of goods (3,115) (3,098) ---------------------------------- Gross margin (loss) on sale of goods (484) (714) Other income 237 559 General and administrative expenses (1,895) (1,813) Process and engineering expenses (447) (432) Selling and marketing expenses (854) (658) Research and development expenses (893) (1,330) Foreign exchange losses (111) (150) Other expenses (14) (168) ---------------------------------- (Loss) before income tax (4,461) (4,706) ---------------------------------- Income tax benefit/(expense) (12) - ---------------------------------- Net (loss) for the half year (4,473) (4,706) ---------------------------------- (Loss) attributable to members of CAP-XX Limited (4,473) (4,706) ================================== Earnings per share for (loss) Cents Cents attributable to the ordinary equity holders of the company Basic earnings per share (9.1) (9.7) Diluted earnings per share (9.1) (9.7) CAP-XX Limited Balance sheet - Unaudited As at 31 December 2007 Consolidated Consolidated Consolidated 31 December 2007 30 June 2007 31 December 2006 Currency: Australian $ ' 000 $ ' 000 $ ' 000 Dollars ASSETS Current assets Cash and cash equivalents 5,551 10,744 15,385 Receivables 1,390 958 993 Inventories 1,423 920 281 Other 177 94 125 -------------------------------------------------- Total current assets 8,541 12,716 16,784 -------------------------------------------------- Non-current assets Property, plant and equipment 3,073 2,779 2,297 Other 208 153 156 Total non-current assets 3,281 2,932 2,453 -------------------------------------------------- Total assets 11,822 15,648 19,237 -------------------------------------------------- LIABILITIES Current liabilities Payables 1,782 1,622 1,245 Provisions 499 507 663 ------------------------------------------------- Total current liabilities 2,281 2,129 1,908 ------------------------------------------------- Non-current liabilities Provisions 169 124 105 ------------------------------------------------- Total non-current liabilities 169 124 105 ------------------------------------------------- Total liabilities 2,450 2,253 2,013 ------------------------------------------------- Net assets 9,372 13,395 17,224 ================================================= EQUITY Contributed equity 75,786 75,722 75,639 Reserves 1,419 1,033 660 Accumulated losses (67,833) (63,360) (59,075) ------------------------------------------------- TOTAL EQUITY 9,372 13,395 17,224 ================================================= CAP-XX Limited Statements of changes in equity - Unaudited For the half-year ended 31 December 2007 Consolidated Half-year 2007 Half-year 2006 Currency: Australian Dollars $ ' 000 $ ' 000 Total equity at the beginning of the half year 13,395 21,633 ------------------------------------ Exchange differences on translation of foreign operations 20 40 ------------------------------------ Net (loss) recognised directly in equity 20 40 (Loss) for the half year (4,473) (4,706) ------------------------------------ Total recognised income and expenses for the half year (4,453) (4,666) ------------------------------------ Transactions with equity holders in their capacity as equity holders: Employee share options 366 206 Exercise of options 64 51 ------------------------------------ 430 257 ------------------------------------ Total equity at the end of the half-year 9,372 17,224 ==================================== CAP-XX Limited Cash flow statements - Unaudited For the half-year ended 31 December 2007 Consolidated Half-year 2007 Half-year 2006 Currency: Australian Dollars $ ' 000 $ ' 000 Cash flows from operating activities Receipts from customers (inclusive of goods and services tax) 2,303 2,411 Payments to suppliers and employees (inclusive of goods and services tax) (7,120) (6,527) ------------------------------------- (4,817) (4,116) Interest received 232 388 ------------------------------------- Net cash (outflow) inflow from operating activities (4,585) (3,728) ===================================== Cash flows from investing activities Payments for property, plant and equipment (672) (1,045) ------------------------------------- Net cash (outflow) inflow from investing activities (672) (1,045) ===================================== Cash flows from financing activities Proceeds from issue of shares 64 51 ------------------------------------- Net cash inflow from financing activities 64 51 ===================================== Net increase (decrease) in cash and cash equivalents (5,193) (4,722) Cash and cash equivalents at the beginning of the half-year year 10,744 20,107 ------------------------------------- Cash and cash equivalents at the end of the half-year year 5,551 15,385 ===================================== This general purpose interim financial report, for the half-year reporting period ended 31 December 2007, 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 2007, is (with the exception of the figures for 30 June 2007 in the Balance Sheet) unaudited. This information is provided by RNS The company news service from the London Stock Exchange

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