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ANS
ANS
ANS - Ansys - Condensed Interim Results for the six months ended 31 August 2011
ANSYS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/001222/06)
(Share Code: ANS & ISIN Code: ZAE000097028)
("Ansys" or "the Company")
CONDENSED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2011
HIGHLIGHTS
- Gross profit up by 12%
- EBITDA up by 22% to R8.4 million
- HEPS of 3.96 cents
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 6 months Year ended
ended
31 August 2011 31 August 28 February
2010 2011
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Continuing operations
Revenue
50 685 56 523 97 877
Gross profit
23 070 20 616 31 879
Other income
1 366 342
Operating costs
(14 655) (14 067) (30 245)
EBITDA
8 416 6 915 1 975
Depreciation and
amortisation (2 068) (1 831) (3 772)
Profit/(loss) before
interest and taxation 6 348 5 084 (1 797)
Finance cost
( 439) ( 270) ( 694)
Investment revenues
3 39 63
Profit/(loss) before
taxation 5 912 4 853 (2 428)
Taxation
138 ( 628) 2 624
Profit for the period
from continuing 6 050 4 225 196
operations
Discontinued
operations
Loss for the period
from discontinued - (3 917) (13 432)
operations
Profit/(loss) for the
period 6 050 308 (13 236)
Other comprehensive
income
Other comprehensive
income - - -
Total comprehensive
income/(loss) for the 6 050 308 (13 236)
period
Earnings/(loss) per
share (cents)
From continuing and
discontinued operations
- Basic
3.96 0.21 (9.22)
- Diluted
3.96 0.21 (9.22)
From continuing
operations
- Basic
3.96 3.64 0.14
- Diluted
3.96 3.64 0.14
Weighted average number 143 637 146
of shares in issue 152 842 599 143 275 212
Diluted average number 143 637 146
of shares in issue 152 842 599 143 306 398
Headline earnings/(loss)
per share (cents)
From continuing and
discontinued operations
- Basic
3.96 0.21 (3.86)
- Diluted
3.96 0.21 (3.86)
From continuing
operations
- Basic
3.96 3.64 0.14
- Diluted
3.96 3.64 0.14
Reconciliation of
headline
earnings/(loss):
Profit/(loss) (13
attributable to ordinary 6 050 308 236)
shareholders
Adjusted for the loss on
the disposal of 7 686
subsidiary
Adjusted for loss on
disposal of plant and - - ( 8)
equipment
Headline earnings/(loss)
attributable to ordinary 6 050 308 (5 558)
shareholders
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
6 months 6 months Year ended
ended ended
31 August 31 August 28 February
2011 2010 2011
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Assets
Plant and equipment
1 197 7 044 1 641
Intangible assets
34 210 30 374 32 276
Deferred tax asset
11 621 6 617 11 161
Current assets
30 122 44 035 19 194
Total assets
77 150 88 070 64 272
Equity and liabilities
Stated capital and
reserves 45 621 49 055 37 171
Non-current liabilities
4 375 2 962 4 055
Current liabilities
27 154 36 053 23 046
Total equity and
liabilities 77 150 88 070 64 272
Number of shares in issue 156 367 056 144 117 056 149 117 056
Net asset value per share 29.2 34.0 24.9
(cents)
Tangible net asset value 7.3 13.0 3.3
per share (cents)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Vendor Retained Total
capital shares income/(loss)
Balance at 1 March 2010 48 747
35 050 5 668 8 029
Share issue
5 668 (5 668) - -
Profit for the period
ending 31 August 2010 - - 308 308
Balance as at 31 August 49 055
2010 40 718 - 8 337
Share issue 1 660
1 660 - -
Loss for the period (13 544)
ending 28 February 2011 - - (13 544)
Balance at 1 March 2011 37 171
42 378 - (5 207)
Profit for the period 6 050
ending 31 August 2011 - - 6 050
Share issue 2 400
2 400 - -
Balance as at 31 August 45 621
2011 44 778 - 843
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months Year ended
ended ended
31 August 31 August 28 February
2011 2010 2011
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Cash flows from
operating activities 7 977 1 774 (4 709)
before working capital
Changes in working
capital (3 447) ( 64) 7 873
Cash flows from
operating activities 4 530 1 710 3 164
Cash flows from
investing activities (3 555) (1 579) (6 407)
Cash flows from
financing activities 2 591 ( 50) 5 554
Cash flows for the
period 3 566 81 2 311
Cash and Cash
equivalents at beginning (1 536) (3 847) (3 847)
of period
Cash and Cash
equivalents at end of 2 030 (3 766) (1 536)
period
CONDENSED SEGMENT REPORT
6 months 6 months ended Year ended
ended
31 August 31 August 2010 28 February 2011
2011
(Reviewed) (Reviewed) (Audited)
Continuing operations:
Revenue
Rail
36 001 43 708 76 248
Defence
1 874 9 188 11 378
Mining and
Industrial 12 811 3 576 10 149
Other
- 51 102
Total for
continuing 50 685 56 523 97 877
operations
Segment
profit/(loss)
Rail
6 318 1 673 1 708
Defence
578 4 695 13 592
Mining and
Industrial 3 136 400 (1 414)
Other
- - -
Total for
continuing 10 032 6 768 13 885
operations
Corporate
unallocated (3 684) (1 684) (15 682)
Finance cost
( 439) (270) ( 695)
Investment
revenues 3 39 63
Profit/(loss)
before tax 5 912 4 853 (2 428)
(continuing
operations)
Discontinued operations:
Revenue
Defence
- 10 695 12 518
Total for
discontinued - 10 695 12 518
operations
Segment loss
Defence
- (3 803) (13 303)
Total for
discontinued - (3 803) (13 303)
operations
Finance cost
- (119) ( 134)
Investment
revenues - 5 5
Loss before
tax - (3 917) (13 432)
(discontinued
operations)
Taxation
138 (628) 2 624
Profit/(loss)
for the period 6 050 308 (13 236)
(continuing
and
discontinued
operations
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31
AUGUST 2011
1. Discontinued operation
During the 28 February 2011 financial year, the Group disposed of all its
shareholding in Optocon Systems (Pty) Ltd, which formed part of the Defence
segment.
The effect on the statements of comprehensive income:
6 months 6 months Year ended
ended ended
31 August 31 August 28 February
2011 2010 2011
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Revenue - 10 695 12 518
Gross profit - 6 996 7 086
Other income - 27 48
Operating costs - (10 161) (11 957)
Loss on the disposal - - (7 686)
of subsidiary
EBITDA - (3 138) (12 509)
Depreciation and - (665) ( 795)
amortization
Loss before interest - (3 803) (13 303)
and taxation
Finance cost - (119) (134)
Investment revenues - 5 5
Loss before taxation - (3 917) (13 432)
Taxation - - -
Loss for the year from - (3 917) (13 432)
continuing operations
Other comprehensive - - -
income, net of tax
Total comprehensive - (3 917) (13 432)
loss for the year
The effect on the statements of cash flows:
Year ended
28 February
2011
(Audited)
R`000
Plant and equipment 4 818
Intangible assets 114
Inventory 3 548
Trade and other receivables 8 579
Trade and other payables (9 203)
Finance leases (394)
Cash and cash equivalents 224
Loss on disposal (7 686)
Total proceeds on disposal -
Cash and cash equivalents (224)
Net cash flow on disposal (224)
COMMENTARY
Introduction
During the period under review, Ansys focused the business on existing market
segments that have a track record of reliable revenue ie mining rope testers and
rail trackside measurement. Operating costs were contained, gross profit
margins improved and this, together with the absence of the discontinued
operations, has led to a significant improvement in HEPS. Cash availability has
improved and almost R8 million cash was generated from operating activities.
In light of the above, the company achieved an interim earnings and headline
earnings per share of 3.96 cents.
The company expects the recovery in performance to continue into the second half
of the year, through the execution of current orders and continued sales,
particularly of the Continuous Rope Monitoring System ("CRMS"), which is now in
production.
Prospects
The Group order book is currently in excess of R70 million. A large portion of
these contracts are being executed at the moment, which is expected to ensure
that Ansys will deliver profitable results for the year ending 28 February 2012.
Contracts secured include more orders received from General Electric South
Africa Technologies (GESAT) for rail yard safety and also further CRMS units.
Financial Results
Disposal of subsidary
The 100% shareholding in Optocon Systems (Pty) Ltd ("Optocon") was disposed of
during the 28 February 2011 financial year with effect from 1 November 2010.
Optocon was disclosed as a discontinued operation in the 31 August 2010 review
period and the 28 February 2011 financial year.
Current assets
- A significant part of the increase in current assets from the 28 February
2011 financial year end to the 31 August 2011 review period was due to the
increase in trade and other receivables of R8.6 million. During the 28
February 2011 financial year an order was received, from AngloGold Ashanti,
for 8 CRMS units of which 2 systems were delivered in August 2011.
Current liabilities
- A significant part of the increase in current liabilities from the 28
February 2011 financial year end to the 31 August 2011 review period was
due to the increase in trade and other payables of R6 million. A majority
of the change was due to the increase in working capital (production
materials) required for the CRMS production of the AngloGold Ashanti order
received.
Placement of shares
During the 31 August 2011 review period, Ansys has placed 7.25 million shares in
the public market. These placements were part of the board`s efforts to raise
working capital.
Dividend policy
No interim dividend has been declared.
Changes to the board of directors
There were two independent non-executive director appointments to the board of
directors during the six months ending 31 August 2011, namely the appointment of
Mr FF Dantile and Mr MD Keebine with effect from 11 March 2011. Both will also
serve on the audit and risk committee, the remuneration committee and the
nomination committee.
Mr FF Dantile was also appointed as the chairman of the remuneration committee
and Mr MD Keebine was appointed as the chairman of the audit and risk committee.
Broad Based Black Economic Empowerment ("BBBEE")
Ansys is a level 6 BBBEE contributor.
Basis of preparation and accounting policies
The condensed interim financial information for the six months ended 31 August
2011 has been prepared in accordance with International Financial Reporting
Standards, IAS 34 `Interim Financial Reporting` and the AC500 Series issued by
the Accounting Practices Board. The interim condensed financial report should
be read in conjunction with the annual financial statements for the year ended
28 February 2011. 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 2011.
Independent review
BDO South Africa Incorporated, 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 2011. Their review report is available for inspection at the
company`s registered office.
Appreciation
We wish to thank our customers, shareholders, management and loyal staff for
their ongoing commitment and persistent efforts to drive our group through the
current difficult trading conditions.
We also thank our business partners and advisors for their valuable inputs.
By order of the Board
19 October 2011
Alan Holloway Rachelle Grobbelaar
Chief Executive Officer Chief Financial Officer
CORPORATE INFORMATION
Non-executive directors: T Daka (Chairman), FF Dantile, MD Keebine
Executive directors: RF Barnard, R Grobbelaar (CFO), A Holloway (CEO)
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) Limited
Telephone: +27 12 424 8500
Facsimile: +27 12 346 3720
Transfer secretaries: Computershare Investor Services (Pty) Limited
Designated Adviser: Exchange Sponsors (2008) (Pty) Limited
411216, Craighall, 2024
Date: 19/10/2011 07:40:33 Produced by the JSE SENS Department.
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