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ANS
ANS
ANS - Ansys Limited - Audited annual results for the year ended 29 February 2008
and notice of AGM
ANSYS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/001222/06)
(Share Code: ANS ISIN Code: ZAE000097028)
("Ansys" or "the Company")
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008 AND NOTICE OF AGM
Shareholders are advised that the annual financial statements for the year
ending 29 February 2008 were mailed to shareholders today. Shareholders are
further referred to the reviewed annual results issued by Ansys on SENS on 14
May 2008.
From the Reviewed Financial Statements to the Audited Financial Statements, the
final calculations of the QuadSoft (Pty) Ltd, Optocon Systems (Pty) Ltd and
Emerging Signals (Pty) Ltd acquisitions were performed and audited, and certain
re-allocations were proposed and adopted to ensure more appropriate financial
presentation. This resulted in the following differences:
1. Balance Sheet
A re-allocation was made between long term and current Other Financial
Liabilities, resulting in a decrease in Non-current liabilities of R813k and an
increase in Current liabilities of R813k, with a net effect of zero on the total
Balance Sheet. The re-allocation related to the cash consideration payable
within the next 12 months for the acquisitions.
2. Cash flow statement
The audited re-allocations on the three acquisitions resulted in the following
differences on the Cash Flow Statement:
Increase in cash from operating activities of R983k
Decrease in cash flow from investing activities of R479k
Decrease in cash flow from financing activities of R508
Therefore the net effect on cash and cash equivalents at year end is R3k.
For completeness sake the following Condensed Consolidated Financial Statements
as extracted from the Annual Report for the year ending 29 February 2008 are
included, indicating the differences between the audited and reviewed results:
Balance sheet
29-Feb 29-Feb Difference 28-Feb
between
Audited Reviewed audited and Audited
2008 2008 reviewed 2007
results
R`000 R`000 R`000 R`000
Assets
Non- current assets 40 935 40 935 - 273
Property, plant and 5 210 5 210 - 1 115
equipment
Intangible assets 35 725 35 725 - 158
Current assets 71 264 71 264 - 39 500
Inventories 6 195 6 194 1 2 988
Trade receivables and 44 271 44 271 - 34 144
other receivables
Other financial assets 190 190 - -
Cash and cash 20 608 20 609 (1) 2 368
equivalents
Total assets 112 199 112 199 - 40 773
Equity and liabilities
Share capital 48 497 48 496 1 -
Retained earnings 27 805 27 806 (1) 13 357
Total equity 76 302 76 302 - 13 357
Non-current 6 958 7 771 (813) 570
liabilities
Finance leases 1 187 1 187 - 367
Other financial 5 255 6 068 (813) -
liabilities
Deferred tax 516 516 - 203
Current liabilities 28 939 28 126 813 26 846
Finance leases 840 840 - 159
Trade and other 24 567 24 567 - 19 618
payables
Other financial 813 0 813 2 974
liabilities
Current tax payable 2 719 2 719 - 4 095
Total liabilities 35 897 35 897 - 27 416
Total equity and 112 199 112 199 - 40 773
liabilities
Number of shares in 140 000 140 000 000 - 110 000
issue (1) 000 000
Net asset value per 54.50 54.50 - 12.14
share (cents)
Tangible net asset 28.98 28.98 - 12.00
value per share
(cents)
Income statement
Year Year ended Difference
ended between
29-Feb 29-Feb audited and 28-Feb
Audited Reviewed reviewed Audited
results
2008 2008 2007
R`000 R`000 R`000 R`000
Revenue 121 940 121 940 - 78 878
Gross profit 44 483 44 483 - 32 519
Other income 195 195 - 113
Operating costs (19 080) (19 080) - (14 963)
Earnings before 25 598 25 598 - 17 669
interest, tax,
depreciation and
amortization
Depreciation and (587) (587) - (275)
amortisation
Profit before 25 011 25 011 - 17 394
interest and taxation
Interest paid (478) (478) - (181)
Interest received 1 410 1 410 - 142
Profit before 25 943 25 943 - 17 355
taxation
Taxation (7 941) (7 941) - (5 356)
Profit for the period 18 002 18 002 - 11 999
Reconciliation of
headline earnings
Profit attributable 18 002 18 002 - 11 999
to ordinary
Shareholders
Adjusted for profit 87 87 - 3
on disposal of
property, plant and
equipment
Headline earnings 18 089 18 089 - 12 002
attributable to
ordinary shareholders
Weighted average 131 945 131 945 205 - 110 000
number of shares in 205 000
issue (1)
Basic earnings per 13.64 13.64 - 10.91
share (cents)
Headline earnings per 13.71 13.71 - 10.91
share (cents)
Diluted earnings per 13.44 10.91
share (cents) (2)
Dividends per share 4.00 4.00 - 3.23
(cents)
Note:
The audited 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.
At the date of issue of the reviewed financial results, the number of potential
shares to be issued in respect of acquisitions was not final as not all
suspensive conditions had been met. These conditions have now been met and the
diluted earnings per share is based on the shares to be issued as part of the
purchase consideration relating to the three acquisitions. These shares are not
weighted for the calculation.
Statement of changes
in equity
Share Share Vendor Retained Total
capital premium shares earnings
R`000 R`000 R`000 R`000 R`000
Balance at 01 March 1 419 - 3 635 4 056
2006
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 - - - 13 356 13 356
2007
Share issues during
the year
- Shares issued on 30 000 - - - 30 000
listing
- Shares to be issued - - 20 128 - 20 128
as 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
Audited balance as at 28 369 - 20 128 27 805 76 302
29 February 2008
Reviewed balance as at 28 369 - 20 127 27 806 76 302
29 February 2008
Difference between - - 1 (1) -
audited and reviewed
results
Cash flow statement
Year Year ended Difference Year
ended ended
29-Feb 29-Feb between 28-Feb
audited
Audited Reviewed and Audited
reviewed
2008 2008 results 2007
R`000 R`000 R`000 R`000
Cash flows from 8 637 7 654 983 4 998
operating activities
Cash flows from (39 935) (39 456) (479) (1 898)
investing activities
Cash flows from 49 536 50 044 (508) (345)
financing activities
Cash flows for the 18 238 18 241 (3) 2 755
period
Cash and Cash 2 370 2 368 2 (387)
equivalents at
beginning of period
Cash and Cash 20 608 20 609 (1) 2 368
equivalents at end of
period
Segmental analysis Transport Defense Intelligence Total
(Rail) platform
R`000 R`000 R`000 R`000
Year ended 29
February 2008
Revenue
External sales 100 020 20 790 1 130 121 940
Total revenue from 100 020 20 790 1 130 121 940
operations
Results
Segment result from 25 699 9 775 902 36 386
operations
Segment assets 35 499 20 370 - 55 869
Segment liabilities 17 379 7 260 - 24 639
Notice is hereby given that the 2008 annual general meeting of shareholders will
be held on Thursday, 21 August 2008 at 10h00, at the offices of the company at
170 Outeniqua Avenue, Waterkloof Park, Pretoria.
By order of the Board
29 July 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: 29/07/2008 13:29:01 Produced by the JSE SENS Department.
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