Interim Results

CAP-XX Limited 26 March 2007 26 March 2007 CAP-XX Limited Interim results for the half-year ended December 31st 2006 • Sales for period at A$2.4m were 182% higher than the corresponding period last year and 37% higher than previous 6 months • Loss of $4.7m, 15% lower than the corresponding period last year. If the extra costs of compliance ($0.6m) and employee share based payments ($0.2m) not incurred in the previous period are excluded, this loss is 29% lower than the previous period • Cash balance at end of period was $15.4m • Substantial sales and engineering progress has been made for the adoption of supercapacitor enabled flash and power management systems with 3 of the 5 leading mobile phone handset makers • The company is well advanced towards establishing partnership and licensing agreements for the scale-up of production to meet anticipated demand from mobile handset makers • Two new patents granted and 34 significant new design wins secured in the half year • We remain confident of further progress throughout the remainder of the year Anthony Kongats, CEO of CAP-XX said 'I am delighted to be able to report that our business development activities are proceeding in line with our expectations. We continue to make excellent progress with the mobile phone handset makers and our advanced negotiations with manufacturing partners will enable us to scale production of supercapacitors to meet the anticipated volume demands of these mobile phone handset makers.' For further information contact: CAP-XX Anthony Kongats, Chief Executive Officer +44 (0) 79 1948 2484 +61 (0) 2 9428 0139 Gavin Anderson & Company (Financial PR) Robert Speed / Deborah Walter +44 (0) 20 7554 1400 Collins Stewart (Nomad) Tim Mickley +44 (0) 20 7523 8000 More information is available at www.cap-xx.com Managing Director's Review Business overview Sales for period at $2.4m (H1 2006 $0.8m) were 182% higher than the corresponding period last year and 37% higher than the second half. The loss of $4.7m (H1 2006 $5.5m) was 15% lower than the corresponding period and in line with the second half and in line with budget. This result was achieved after absorbing a number of additional expenses not incurred in the previous period, including $0.2m for the non cash expense of share based payments to employees and $0.6m in extra costs associated with a public company and compliance. During this period the company also increased expenditure on manufacturing services, R&D and sales & marketing by $1.1m in line with its stated strategy. The balance sheet remains strong and the company ended the period with a cash balance of $15.4m (June 30th 2006 $20.1m). The Company has achieved material progress on a number of development projects with leading mobile phone handset providers during the period of the review. CAP-XX is currently engaged with 3 of the top 5 mobile phone handset manufacturers on projects for the provision of high quality flash for mobile phone handsets with cameras in the 3 to 5 M pixel range. In addition, there has been an acceleration of development work by these mobile handset makers on the integration of supercapacitors into power management systems to support a broader range of power hungry applications, notably high quality audio. Significant progress has also been made towards establishing partnering and licensing agreements with major international component manufacturers. These manufacturing and licensing agreements will enable us to scale up production in order to meet the volume requirements of handset makers. Our potential partners have extensive links with the leading handset makers for the supply of components in high volumes. The advancement in development of supercapacitor based flash and power management systems has been facilitated by the development of integrated circuits (ICs) from a number of leading micro processor companies with links to the mobile handset market. The Company is also working closely with the leading companies supplying high brightness LEDs for the promotion of LED flash systems. A number of these companies are actively promoting CAP-XX to the mobile phone makers. In addition to the development of opportunities in our core market of mobile phone handsets, the company continues to see an increasingly widespread interest for supercapacitors for a broad range of applications comprising wireless handheld devices, PC modems, automatic meter readers, location tracking systems, medical devices and electronic access control products, which are being converted into sales. In the half year we secured 34 significant new design wins across these types of applications. As an example of the opportunities being addressed by CAP-XX, recent wins include mobile cardiovascular monitoring, emergency notification systems for lone workers, offender tracking systems, disposable insulin pumps and VOIP/GSM modem. These are expected to support CAP-XX's ongoing progress towards profitable operations and are separate to the major opportunities with the mobile handset makers. The company made significant progress in its medium and long term R&D efforts. Two new patents were granted in this period. 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 For the half-year ended 31 December 2006 Consolidated Half-year Half-year 2006 2005 Currency: Australian Dollars Notes $ ' 000 $ ' 000 Revenue from sale of goods 2,384 844 Cost of sale of goods (3,098) (3,337) --------------------------- Gross margin (loss) on sale of goods (714) (2,493) Other income 559 309 General and administrative expenses (2,245) (1,030) Selling and marketing expenses (658) (444) Research and development expenses (1,330) (929) Finance costs - (455) Foreign exchange losses (150) (313) Other expenses (168) (173) --------------------------- (Loss) before income tax (4,706) (5,528) --------------------------- Income tax benefit - - --------------------------- Net (loss) for the half year (4,706) (5,528) --------------------------- (Loss) attributable to members of CAP-XX Limited (4,706) (5,528) =========================== Earnings per share for (loss) Cents Cents attributable to the ordinary equity holders of the company Basic earnings per share (9.7) (18.3) Diluted earnings per share (9.7) (18.3) CAP-XX Limited Balance sheet As at 31 December 2006 Consolidated Pro-forma* 31 December 2006 30 June 2006 31 December 2005 Currency: Australian Dollars Notes $ ' 000 $ ' 000 $ ' 000 ASSETS Current assets Cash and cash equivalents 15,385 20,107 253 Receivables 993 850 4,959 Inventories 281 351 361 Other 125 126 118 ------------------------------------------------- Total current assets 16,784 21,434 5,691 ------------------------------------------------- Non-current assets Property, plant and equipment 2,297 1,678 3,957 Other 156 153 155 Total non-current assets 2,453 1,831 4,112 ------------------------------------------------- Total assets 19,237 23,265 9,803 ------------------------------------------------- LIABILITIES Current liabilities Payables 1,245 1,070 2,580 Borrowings - - 15,117 Provisions 663 449 529 ------------------------------------------------- Total current liabilities 1,908 1,519 18,226 ------------------------------------------------- Non-current liabilities Provisions 105 113 23 ------------------------------------------------- Total non-current liabilities 105 113 23 ------------------------------------------------- Total liabilities 2,013 1,632 18,249 ------------------------------------------------- Net assets 17,224 21,633 (8,445) ================================================= EQUITY Contributed equity 75,639 75,588 41,128 Reserves 660 414 2 Accumulated losses (59,075) (54,369) (49,575) -------------------------------------------------- TOTAL EQUITY 17,224 21,633 (8,445) ================================================== * The December 2005 balance sheet comparative figures are pro-forma and unaudited, as they were not required to be presented, in the half-year accounts prepared in accordance with Australian equivalents to International Financial Reporting Standards and have been presented in order to comply with the AIM Rules for companies. CAP-XX Limited Statements of changes in equity For the half-year ended 31 December 2006 Consolidated Half-year 2006 Half-year 2005 Currency: Australian Dollars Notes $ ' 000 $ ' 000 Total equity at the beginning of the half year 21,633 (2,920) --------------------------- Exchange differences on translation of foreign operations 40 2 --------------------------- Net (loss) recognised directly in equity 40 2 (Loss) for the half year (4,706) (5,528) --------------------------- Total recognised income and expenses for the half year (4,666) (5,526) --------------------------- Transactions with equity holders in their capacity as equity holders: Employee share options 206 - Exercise of options 51 - --------------------------- 257 - --------------------------- Total equity at the end of the half-year 17,224 (8,446) =========================== CAP-XX Limited Cash flow statements For the half-year ended 31 December 2006 Consolidated Half-year 2006 Half-year 2005 Currency: Australian Dollars Notes $ ' 000 $ ' 000 Cash flows from operating activities Receipts from customers (inclusive of goods and services tax) 2,411 782 Payments to suppliers and employees (inclusive of goods and services tax) (6,527) (2,980) ---------------------------- (4,116) (2,198) Interest received 388 34 ---------------------------- Net cash (outflow) inflow from operating activities (3,728) (2,164) ============================ Cash flows from investing activities Payments for property, plant and equipment (1,045) (538) Proceeds from sale of property, plant and equipment - 26 ---------------------------- Net cash (outflow) inflow from investing activities (1,045) (512) ============================ Cash flows from financing activities Proceeds from issue of shares 51 - Payments for issuance costs of shares - (42) Loans from related parties - 1,780 ---------------------------- Net cash inflow from financing activities 51 1,738 ============================ Net increase (decrease) in cash and cash equivalents (4,722) (938) Cash and cash equivalents at the beginning of the half-year year 20,107 1,191 ---------------------------- Cash and cash equivalents at the end of the half-year year 15,385 253 ============================ This general purpose interim financial report for the interim half-year reporting period ended 31 December 2006 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 interim half-year reporting period ended 31 December 2006 has (with the exception of the pro-forma figures for 30 June 2006 in the Balance Sheet) been audited. This information is provided by RNS The company news service from the London Stock Exchange

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