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ANS
ANS
ANS - Ansys Limited - Reviewed annual results for the year ended 29 February
2008
ANSYS Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/001222/06)
Share Code: ANS
ISIN Code: ZAE000097028
("Ansys" or "the company")
HIGHLIGHTS
Headline Earnings up 50.7%
HEPS up 25.6%
NTAV up 207.4%
Cash balance of R20.6 million
Dividend of 4 cents per share
Balance sheet
29-Feb 28-Feb
Reviewed Audited
2008 2007
Assets
Non- current assets
Property, plant and 5,210 1,115
equipment
Intangible assets 35,725 158
Current assets
Inventories 6,194 2,988
Trade receivables and 44,271 34,144
other receivables
Other financial assets 190 0
Cash and cash equivalents 20,609 2,368
Total assets 112,199 40,773
Equity and liabilities
Share capital 48,496 0
Retained earnings 27,806 13,357
Total equity 76,302 13,357
Non-current liabilities
Finance leases 1,187 367
Other financial 6,068 0
liabilities
Deferred tax 516 203
Current liabilities
Finance leases 840 159
Trade and other payables 24,567 19,618
Other financial 0 2,974
liabilities
Current tax payable 2,719 4,094
Total liabilities 35,897 27,416
Total equity and 112,199 40,773
liabilities
Number of shares in issue 140,000,000 110,000,000
(1)
Net asset value per share 54.50 12.14
(cents)
Tangible net asset value 28.98 12.00
per share (cents)
Income statement
Year Year ended
ended
29-Feb 28-Feb
Reviewed Audited
2008 2007
Revenue 121,940 78,878
Gross profit 44,483 32,519
Other income 195 113
Operating costs (19,080) (14,963)
Earnings before interest, 25,598 17,668
tax,
depreciation and
amortisation
Depreciation and (587) (275)
amortisation
Profit before interest and 25,011 17,393
taxation
Interest paid (479) (181)
Interest received 1,410 142
Profit before taxation 25,943 17,355
Taxation (7,941) (5,356)
Profit for the period 18,002 11,999
Reconciliation of headline
earnings
Profit attributable to 18,002 11,999
ordinary
shareholders
Adjusted for profit on 87 3
disposal of property,
plant and equipment
Headline earnings 18,089 12,002
attributable to
ordinary shareholders
Weighted average number of 131,945,2 110,000,00
shares in issue (1) 05 0
Basic earnings per share 13.64 10.91
(cents)
Headline earnings per 13.71 10.91
share (cents)
Dividends per share 4.00 3.23
(cents)
Note:
1) The reviewed weighted number of shares in issue is also used for the
comparative figures in order to reflect a more meaningful comparative by taking
into account the effect of the capital restructurings undertaken during the
listing in June 2007 on the earnings per share calculations.
Statement of changes in
equity
Share Share Vendor Retained Total
capital premium shares earnings
Balance at 01 March 2006 1 419 - 3,635 4,056
Share buy back (1) (419) - (1,942) (2,362)
Profit for the year - - - 11,999 11,999
Dividends paid - - - (336) (336)
Balance at 1 March 2007 - - - 13,357 13,357
Share issues during the -
year
- Shares issued on listing 30,000 - - - 30,000
- Shares to be issued as - - 20,127 - 20,127
result of business
combination
Share issue expenses (1,631) - - - (1,631)
Dividends paid - - - (3,553) (3,553)
Profit for the year - - - 18,002 18,002
Balance as at 29 February 28,369 20,127 27,806 76,302
2008
Cash flow statement
Year ended Year ended
29-Feb 28-Feb
Reviewed Audited
2008 2007
Cash flows from operating activities 7,654 4,998
Cash flows from investing (39,456) (1,898)
activities
Cash flows from financing 50,044 (345)
activities
Cash flows for the period 18,241 2,755
Cash and Cash equivalents at 2,368 (387)
beginning of period
Cash and Cash equivalents at end of 20,609 2,368
period
DIRECTORS` REPORT
INTRODUCTION
The directors are pleased to present the annual financial results of the company
for the year ended 29 February 2008. The results reflect Ansys`s continuing
growth and profitability in an active period that saw the company make
significant progress in the execution and delivery of a number of Transnet
trackside measurement projects, submit its first significant rail signalling
quotation to MetroRail, while orchestrating a successful listing on AltX. Post
listing, in the review period, the company made three acquisitions in the
Transport and Defence infrastructure space which will result in a significant
increase in revenue in the next financial year.
REVIEW OF OPERATIONS
Ansys`s strategic focus on high-value rail infrastructure projects has driven a
54.6% increase in the company`s turnover, while staff levels increased by 34%.
Profitability for the full period increased 50.0% over the previous
corresponding period.
BLACK ECONOMIC EMPOWERMENT ("BEE")
Ansys retains its focus on BBBEE. Mr. Teddy Daka remains the majority
shareholder of the company.
FINANCIAL RESULTS
While revenue generation for the year increased 54.6% from R78.8 million as at
28 February 2007 to R121.9 million for the year as at 29 February 2008, profit
before tax for the period increased from R17.3 million to R25.9 million. This
translated into headline earnings per share (HEPS) of 13.71 cents being an
increase of 25.6% from 10.91 cents. Ansys saw an increase in its cash holdings
to R20.6 million, with a resultant increase in net tangible asset value per
share of 31.90 cents up from 12.0 cents as at 28 February 2007.
Non-current assets increased by R39.7 million, which is related to the
acquisition of the new subsidiaries. Other current assets increased by R71.4
million as a result of the acquisitions and the related increase in customer
receivables, inventory on hand as well as the cash received from the listing on
the ALTx.
The non-current liabilities increased by R7.2 million mainly due to the purchase
consideration of the acquisition of the new subsidiaries. Other current
liabilities include general trade payables and tax liabilities.
SEGMENT ANALYSIS
The group is currently organised in three segments, namely transport (rail),
defense and intelligent platforms. These segments are the basis on which the
group reports to management.
Transport Defense Intelligence Total
(Rail) platform
Year ended 29 February
2008
Revenue
External sales 100,024 20,790 1,130 121,945
Total revenue from 100,024 20,790 1,130 121,945
operations
Results
Segment result from 25,704 9,779 902 36,385
operations
Segment assets 35,499 20,370 - 55,869
Segment liabilities 17,379 7,260 - 24,639
PROSPECTS
Real fixed investment projects in 2007 started with the building of soccer
stadiums, expansion projects at the major airports and the first phases of
Transnet Freight Rail and Eskom`s expenditure projects (at a combined estimate
of R 145 billion). Transnet Freight Rail`s expenditure is aimed at reducing the
inefficiencies of the country`s railways, in order to provide an economically
viable alternative to road transport.
Transnet Freight Rail`s announcement regarding the upgrading of the country`s
railway network has already resulted in the procurement of hardware and the
implementation of the Train Condition Monitoring systems. Transnet`s medium
term projection estimates the total amount of general freight carried to grow
from 85 million tons a year to 146 million tons by 2011. This will result in
Transnet`s market share growing from 10 percent of freight moved, to about 22
percent. The growth in market share will be derived from the six or seven long-
distance heavy-haul corridors that will be established in South Africa over the
next 5 years.
Post listing, the company has made four acquisitions in the Transport and
Defence infrastructure space which will result in a significant increase in
revenue for the next financial year. The payments for these acquisitions are
made partly in cash and partly in shares still to be issued. While the company
activities focused mainly in the Transport and Defence market sectors, contracts
awarded for the next financial year will result in Rail contributing 58% of
revenue, Defence 26% of revenue and Intelligent Platforms (industrial computers)
3% of forecasted revenue. The acquisition of AiT will contribute 13% of revenue,
targeting the Air Transport sector.
DIVIDEND POLICY
The directors of Ansys Ltd have declared a final dividend equating to one third
of its after tax profits based on the 2008 financial results, being 4.0 cents
per share. The dividend will be financed out of current profits.
The significant dates for the dividend are as follows:
Shares trade ex dividend 26-May-08
Record date 30-May-08
Payment date 02-Jun-08
No share certificates may be dematerialised or rematerialised between 23 May
2008 and 30 May 2008 both dates inclusive.
BASIS OF PREPARATION
The financial report is prepared in accordance with International Financial
Reporting Standards and Schedule 4 of the South African Companies Act, prior to
the Corporate Law Amendment Act No. 24 of 2006 1973. The accounting policies
applied are consistent with the prior year annual financial statements. All IFRS
and IFRIC interpretations issued and effective at 29 February 2008 have been
applied. This announcement has been prepared in accordance with the Listings
Requirements of the JSE Limited.
AUDITORS` REVIEW OPINION
The auditors, BDO Spencer Steward, have reviewed the group`s financial
statements for the year ended 29 February 2008. The review was conducted in
accordance with International Standards on Auditing. They have issued a review
opinion. A copy of their review report is available for inspection at the
company`s registered office. These summarised financial statements have been
derived from the group financial statements and are consistent in all material
respects, with the group financial statements.
CHANGES TO THE BOARD OF DIRECTORS
The following changes to the board of directors were made since listing on 07
June 2007:
Appointment: Rachelle Grobbelaar (Chief 01-Feb-08
Financial Officer):
Resignation: Helena Hester Opperman (Chief 01-Feb-08
Financial Officer):
Appointment: Johan Gerhard Kotze (Marketing 01-May-08
Director):
APPRECIATION
We thank our loyal staff, the majority of whom have remained with the group for
more than 15 years, for their commitment and hard work which contributed to
ANSYS`s achievement of its milestone listing on AltX. We also thank our
business partners, advisors and suppliers, and most importantly our shareholders
for their ongoing support and faith in the in the company.
By order of the Board
13 May 2008
Alan Holloway Rachelle Grobbelaar
Chief Executive Officer Chief Financial Officer
CORPORATE INFORMATION
Non executive directors: T Daka (Chairman), MG Diliza
Executive directors: RF Barnard, A Holloway (CEO), JG Kotze, I
Lamprecht, R Grobbelaar, JJ Prinsloo, OK Sakkers.
Registration number: 1987/001222/06
Registered address: 457 Rodericks Road, Lynnwood , Pretoria
Postal address: PO Box 95361, Waterkloof, Pretoria
Company secretary: Fusion Corporate Secretarial Services (Pty) Ltd
Telephone: +27 12 346 3141
Facsimile: +27 12 346 3720
Transfer secretaries: Computershare Investor Services (Pty) Limited
Designated Adviser: Exchange Sponsors (Pty) Limited
Date: 14/05/2008 09:55:28 Produced by the JSE SENS Department.
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