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ANS
ANS
ANS - Ansys Limited - Reviewed interim results for the six months ended 31
August 2009
ANSYS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/001222/06)
(Share Code: ANS ISIN Code: ZAE000097028)
("Ansys" or "the Company")
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST
2009
HIGHLIGHTS
* Revenue up by 36%
* Gross profit up by 89%
* Cash flows from operating activities up by 140%
* Order book in excess of R150 million
CONDENSED CONSOLIDATED BALANCE SHEET
6 months 6 months ended Year ended
ended
31 August 31 August 2008 28 February
2009 2009
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Assets
Property, 8 833 6 537 6 871
plant and
equipment
Intangible 30 481 31 010 29 005
assets
Deferred tax 1 371 2 274 1 116
asset
Current assets 52 889 47 296 66 011
Total assets 93 574 87 117 103 003
Equity and
liabilities
Capital and 63 831 60 659 66 022
reserves
Non-current 474 1 029 665
liabilities
Current 29 269 25 429 36 316
liabilities
Total equity 93 574 87 117 103 003
and
liabilities
Number of 142 228 041 140 000 000 140 271 008
shares in
issue
Net asset 44.8 43.3 47.0
value per
share (cents)
Tangible net 23.4 21.1 26.3
asset value
per share
(cents)
CONDENSED CONSOLIDATED INCOME STATEMENT
6 months 6 months Year ended
ended ended
31 August 31 August 28
2009 2008 February
2009
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Revenue 56 032 41 171 120 171
Gross profit 25 249 13 318 52 144
Other income 198 48 90
Operating costs (25 147) (21 596) (47 632)
EBITDA 300 (8 230) 4 602
Depreciation (1 142) (628) (1 544)
(Loss)/profit before (842) (8 858) 3 058
interest and taxation
Interest paid (336) (592) (1 550)
Interest received 183 765 908
(Loss)/profit before (995) (8 685) 2 416
taxation
Taxation (556) 2 038 (887)
(Loss)/profit for the (1 551) (6 647) 1 529
period
Basic (loss)/earnings (1.0) (4.7) 1.0
per share (cents)
Diluted (loss)/earnings (1.0) (4.6) 1.0
per share (cents)
Headline (loss)/earnings (1.0) (4.7) 1.0
per share (cents)
Diluted headline (1.0) (4.6) 1.0
(loss)/earnings per
share (cents)
Weighted average number 141 089 984 140 000 000 140 134
of shares in issue 390
Diluted average number 143 306 398 143 621 065 144 503
of shares in issue 386
Reconciliation of
headline earnings:
(Loss)/profit (1 551) (6 647) 1 529
attributable to ordinary
shareholders
Adjusted for - 19 4
(loss)/profit on
disposal of property,
plant and equipment
Headline (loss)/earnings (1 551) (6 628) 1 533
attributable to ordinary
shareholders
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Vendor Accumulated Total
capital shares profit
Balance at 1 March 28 368 20 128 27 806 76 302
2008
Re-assessment of - (3 396) - (3
shares to be issued 396)
as result of
business combination
Dividends paid - - (5 600) (5
600)
Loss for the period - - (6 647) (6
ending 31 August 647)
2008
Balance as at 31 28 368 16 732 15 559 60 659
August 2008
Re-assessment of - (2 813) - (2
shares to be issued 813)
as result of
business combination
Share issue 813 (813) - -
Profit for the - - 8 176 8 176
period ending 29
February 2009
Balance at 1 March 29 181 13 106 23 735 66 022
2009
Re-assessment of - (640) - (640)
shares to be issued
as result of
business combination
Share issue 5 871 (5 871) - -
Loss for the period - - (1 551) (1
ending 31 August 551)
2009
Balance as at 31 35 052 6 595 22 184 63 831
August 2009
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months Year ended
ended ended
31 August 31 August 28 February
2009 2008 2009
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Cash flows before (588) (15 827) (5 806)
working capital
changes
Changes in working 7 439 (322) (11 707)
capital
Cash flows from 6 851 (16 149) (17 513)
operating activities
Cash flows from (4 985) 3 259 (4 717)
investing activities
Cash flows from (4 876) (4 358) (528)
financing activities
Cash flows for the (3 010) (17 248) (22 758)
period
Cash and Cash (2 150) 20 608 20 608
equivalents at
beginning of period
Cash and Cash (5 160) 3 360 (2 150)
equivalents at end of
period
CONDENSED SEGMENT REPORT
6 months 6 months Year ended
ended ended
31 August 31 August 2008 28 February
2009 2009
(Reviewed) (Reviewed) (Audited)
Segment
Revenue:
Rail 32 621 28 469 90 063
Defence 20 034 12 087 28 635
Industrial 1 551 423 1 270
Corporate 1 826 192 203
Total 56 032 41 171 120 171
Operating (loss)/profit segment results
(before interest and taxation):
Rail 5 363 351 15 533
Defence 192 (1 354) (8 458)
Industrial (1 077) (82) 1 417
Corporate (5 320) (7 773) (5 434)
Total (842) (8 858) 3 058
COMMENTARY
Introduction
During the period under review, Ansys achieved, mainly through customer
diversification, a significant improvement in revenue and cash flow, but
continued to experience delays in the award of a number of projects. Revenue
increased 36% from R41.2 million in the prior interim period to R56.0 million
in the current interim period, gross profit nearly doubled and R6.9 million of
cash was generated from operating activities.
In keeping with the improvements detailed above, the company`s interim loss
and headline loss per share for the 6 month period ended 31 August 2009 was
1.0 cent per share in comparison to the interim loss and headline loss per
share for the 6 month period ended 31 August 2008 of 4.7 cents.
Following the award of significant contracts from new and existing customers
that are currently pending and the growth in Defence orders, the company
expects an improvement in its performance for the second half of the year
leading to a return to profitability for the whole year.
Prospects
To date, contracts with an executable value of more than R150 million have
been received, which should ensure that Ansys and its subsidiaries will
deliver profitable results for the year ending 28 February 2010. Contracts
secured include projects such as the Transnet Wayside Reader expansion, mine
rope testers, locomotive communication systems and Defence related optical
system exports to Africa, China and Turkey.
Financial Results
Net cash and cash equivalents
The cash inflows from operating activities of R6.9 million from the year ended
28 February 2009 to the current 31 August 2009 review period was mainly due to
the changes in working capital. Refer to the comments under current assets and
current liabilities.
The cash outflows from investing activities of R4.9 million from the year
ended 28 February 2009 to the current 31 August 2009 review period was mainly
due to the purchase of property, plant and equipment to the value of R2.6
million.
The cash outflows from financing activities of R4.9 million from the year
ended 28 February 2009 to the current 31 August 2009 review period was mainly
due to the cash payment of the QuadSoft (Pty) Ltd acquisition made in December
2007.
Current assets
A significant part of the decrease in current assets from the year ended 28
February 2009 to the current 31 August 2009 review period are attributable to
the decrease in trade and other receivables of R9.9 million, a decrease in
cash and cash equivalents of R5.6 million and an increase in inventory levels
of R3.4 million.
Current liabilities
The current liabilities decreased by R7 million from the year ended 28
February 2009 to the current 31 August 2009. A significant part of the
decrease was due to the cash payment of the QuadSoft (Pty) Ltd acquisition and
a R2.6 million decrease in cash borrowings. The balance was due to minor
increases in the trade and other payables as well as current tax payable.
Dividend policy
No interim dividend has been declared.
Changes to the board of directors
MG Diliza resigned from the board of directors on 24 August 2009.
Broad Based Black Economic Empowerment ("BBBEE")
A special committee is actively improving the company`s BBBEE status. It is
the company`s aim to become at least a Level 6 contributor from the current
level 7 contribution.
Basis of preparation and accounting policies
The condensed interim financial information for the six months ended 31 August
2009 has been prepared in accordance with, and containing the information
required by, IAS 34, `Interim Financial Reporting` and in the manner required
by the Companies Act of South Africa. The condensed interim financial report
should be read in conjunction with the annual financial statements for the
year ended 28 February 2009. This announcement has been prepared in accordance
with the Listings Requirements of the JSE Limited. The accounting policies
adopted are consistent with those of the annual financial statements for the
year ended 28 February 2009.
Independent review
BDO Spencer Steward, independent auditor to Ansys Limited, has reviewed the
condensed financial statements contained in this interim report and has
expressed an unmodified review conclusion on the results for the six months
ended 31 August 2009. Their review report is available for inspection at the
company`s registered office.
Appreciation
We want to thank our loyal employees, the majority of whom have remained with
the group for more than 15 years, for their commitment and hard work. We also
thank our business partners, advisors, customers and suppliers, and most
importantly our shareholders for their ongoing support and faith in the group.
By order of the Board
3 November 2009
Alan Holloway Rachelle Grobbelaar
Chief Executive Officer Chief Financial Officer
CORPORATE INFORMATION
Non executive directors: T Daka (Chairman), Dr JL Steyn
Executive directors: RF Barnard, A Holloway (CEO), R Grobbelaar
Registration number: 1987/001222/06
Registered address: 170 Outeniqua Avenue, Waterkloof Park, Pretoria
Postal address: PO Box 95361, Waterkloof, Pretoria
Company secretary: Fusion Corporate Secretarial Services (Pty) Ltd
Telephone: +27 12 424 8500
Facsimile: +27 12 346 3720
Transfer secretaries: Computershare Investor Services (Pty) Limited
Designated Adviser: Exchange Sponsors (2008) (Pty) Limited
Date: 03/11/2009 07:05:02 Produced by the JSE SENS Department.
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