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ANS
ANS
ANS - Ansys Limited - Reviewed provisional annual results for the year ended 29
February 2012
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 PROVISIONAL ANNUAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012
HIGHLIGHTS:
EBITDA from continuing operations up by 682%
Gross profit from continuing operations up by 46%
Gross profit margin from continuing operations improved by 13%
HEPS improved from 0.14 cents to 5.06 cents from continuing operations
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Year ended Year ended
29 February 2012 28 February
2011
(Reviewed) (Audited)
R`000 R`000
Assets
Non-current assets 46 447 45 078
Plant and equipment 920 1 641
Intangible assets 36 010 32 276
Deferred tax asset 9 517 11 161
Current assets 30 744 19 194
Inventories 9 136 5 390
Trade and other 21 276 12 836
receivables
Cash and cash equivalents 180 781
Current tax receivable 152 187
Total assets 77 191 64 272
Equity and liabilities
Equity 49 443 37 171
Stated capital and 49 443 37 171
reserves
Non-current liabilities 5 125 4 055
Deferred tax liability 5 125 4 055
Current liabilities 22 623 23 046
Borrowings 3 456 4 044
Trade and other payables 14 259 16 666
Derivative financial 291 19
liabilities
Cash and cash equivalents 4 617 2 317
Total equity and 77 191 64 272
liabilities
Number of shares in issue 161 867 056 149 117 056
Net asset value per share 30.5 24.9
(cents)
Tangible net asset value 8.3 3.3
per share (cents)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended Year ended
29 February 28 February
2012 2011
(Reviewed) (Audited)
R`000 R`000
CONTINUING OPERATIONS:
Revenue 102 090 97 877
Gross profit 46 430 31 879
Other income 355 342
Operating costs (31 338) (30 246)
EBITDA 15 447 1 975
Depreciation and amortisation (3 835) (3 772)
Profit/(loss) before interest 11 612 (1 797)
and taxation
Finance income 3 63
Finance cost ( 850) ( 694)
Profit/(loss) before taxation 10 765 (2 428)
Taxation (2 843) 2 624
Profit for the year from 7 922 196
continuing operations
DISCONTINUED OPERATIONS:
Loss for the year - (13 432)
Taxation - -
Loss for the year from - (13 432)
discontinued operations
Other comprehensive income, net - -
of tax
Total comprehensive income for 7 922 (13 236)
the year
Earnings/(loss) per share
(cents)
From continuing and discontinued
operations
Basic 5.08 (9.22)
Diluted 5.08 (9.22)
From continuing operations
Basic 5.08 0.14
Diluted 5.08 0.14
Headline earnings/(loss)per
share (cents)
From continuing and discontinued
operations
Basic 5.06 (3.86)
Diluted 5.06 (3.86)
From continuing operations
Basic 5.06 0.14
Diluted 5.06 0.14
Weighted average number of 155 994 105 143 637 146
shares in issue
Diluted average number of shares 155 994 105 143 637 146
in issue
Reconciliation of headline
earnings/(loss):
Profit/(loss) attributable to 7 922 (13 236)
ordinary shareholders
Adjusted for the loss made on - 7 686
the disposal of subsidiary
Adjusted for profit on disposal ( 38) ( 11)
of plant and equipment
Total tax effects of adjustments 11 3
Headline earnings/(loss) 7 895 (5 558)
attributable to ordinary
shareholders
Reconciliation of headline
earnings from continuing
operations:
Profit attributable to ordinary 7 922 196
shareholders
Adjusted for profit on disposal ( 38) -
of plant and equipment
Total tax effects of adjustments 11 -
Headline earnings attributable 7 895 196
to ordinary shareholders from
continuing operations
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Issued Vendor Retained Total
share shares income / equity
capital (Accumulated
loss)
Balance at 1 March 35 050 5 668 8 029 48 747
2010
Movements during the
year
Share issue 1 660
7 328 (5 668) -
Loss for the year (13 236)
- - (13 236)
Balance as at 28 37 171
February 2011 42 378 - (5 207)
Movements during the
year
Share issue 4 350
4 350 - -
Profit for the year 7 922
- - 7 922
Balance as at 29 49 443
February 2012 46 728 - 2 715
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended Year ended
29 February 28 February
2012 2011
(Reviewed) (Audited)
R`000 R`000
Cash flows from operating activities 14 871 (4 723)
before working capital
Changes in working capital (14 686) 7 887
Cash flows from operating activities 185 3 164
Cash flows from investing activities (6 848) (6 407)
Cash flows from financing activities 3 762 5 554
Cash flows for the year (2 901) 2 311
Cash and Cash equivalents at (1 536) (3 847)
beginning of period
Cash and Cash equivalents at end of (4 437) (1 536)
the year
CONDENSED SEGMENT REPORT
Year ended Year ended
29 February 28 February
2012 2011
(Reviewed) (Audited)
R`000 R`000
CONTINUING OPERATIONS:
Segment Revenue
Rail 66 469 76 248
Defence 3 335 11 378
Mining and Industrial 32 286 10 149
Other - 102
Total from continuing operations 102 090 97 877
Segment profit
Rail 12 970 1 708
Defence (2 138) 13 592
Mining and Industrial 12 831 (1 414)
Total from continuing operations 23 663 13 886
Corporate Unallocated (12 048) (15 682)
Finance cost ( 850) ( 695)
Finance income - 63
Profit/(loss) before tax from 10 765 (2 428)
continuing operations
CONDENSED SEGMENT REPORT Year ended Year ended
29 February 28 February
2012 2011
(Reviewed) (Audited)
R`000 R`000
DISCONTINUED OPERATIONS:
Segment Revenue
Defence - 12 518
Total from discontinued operations - 12 518
Segment loss
Defence - (13 303)
Total from discontinued operations - (13 303)
Finance cost - ( 134)
Finance income - 5
Loss before tax from discontinued - (13 432)
operations
NOTES TO THE PROVISIONAL FINANCIAL INFORMATION
Discontinued operation
During the 2011 financial year the company disposed of all its shareholding in
Optocon Systems (Pty) Ltd ("Optocon"), which formed part of the Defence segment.
The effect on the statements of comprehensive income:
Year ended Year ended
29 February 2012 28 February 2011
(Reviewed) (Audited)
R`000 R`000
Revenue - 12 518
Gross profit - 7 087
Other income - 48
Operating costs - (11 957)
Loss on the disposal of - (7 686)
subsidiary
EBITDA - (12 508)
Depreciation and amortisation - ( 795)
Loss before interest and - (13 303)
taxation
Finance income - 5
Finance cost - ( 134)
Loss before taxation - (13 432)
Taxation - -
Loss for the year from - (13 432)
discontinued operations
Other comprehensive income, net - -
of tax
Total comprehensive loss for - (13 432)
the year
Loss per share (cents) - (9.35)
Basic - (9.35)
Diluted
Headline loss per share (cents) - (4.00)
Basic - (4.00)
Diluted
Reconciliation of headline loss:
Loss attributable to ordinary - (13 432)
shareholders
Adjusted for the loss made on - 7 686
the disposal of subsidiary
Adjusted for profit on disposal - ( 11)
of plant and equipment
Total tax effects of adjustments - 3
Headline loss attributable to - (5 754)
ordinary shareholders
The effect on the statements of cash flows:
2012 2011
R`000 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
During the 2012 financial year, Ansys focused its business on existing rail and
mining market segments, segments that have proven to have a track record of
reliable revenue. Although total revenue for the year is modest, management
actions in rejecting low profitability projects together with the containment of
overheads have had the required effect on profitability.
The 2012 financial year has seen a turnaround within Ansys, resulting in an
increase in HEPS from a loss of 3.86 cents per share to earnings of 5.06 cents
per share.
This result was achieved through effective strategic interventions that saw the
following compared to the corresponding financial year:
Earnings per share increase to 5.08 cents from a loss of 9.22 cents
Improvement in gross profit margins to 46% from 33%
Operating cost were contained to a 3.6% increase from the previous financial
year
Strategically, Ansys remains focused on the Rail market and in particular, on
Trackside Measurement, Train Condition Monitoring, Yard Safety and Locomotive
Communications. This segment provides a pleasing revenue flow and form a key
part of Ansys business. Yard safety projects have surged recently and in
addition, Ansys has positioned itself as main contractor rather than as a sub
contractor in this segment.
The Mining and Industrial market remains exciting with excellent prospects.
Ansys has a Continuous Rope Monitoring System ("CRMS"), a Portable Mine Rope
Tester ("TRITON") and an Automated Maintenance Management System ("AMMS") which
all have been bought by Anglo Gold Ashanti, some by Tracker and other local
companies. These products are being actively marketed to the rest of the local
mining industry as well. The mine rope tester products are used in mines with
deep mine shafts of which there are about 1000 in South Africa. The local market
represents about 80% of the world deep mines.
Although it has been decided by the board that defence is not a strategic focus
of Ansys, production orders have materialised to a pleasing extent. These orders
have not changed the board`s strategic view of the local defence segment and
marketing will therefore still be kept at a minimum. The effective disposal of
Optocon during the 2011 financial year has minimised further losses associated
with this subsidiary in the defense segment.
Ansys has been trading from two premises rather than four since the beginning of
2012, as part of the board`s strategic approach to reduce trading risks and keep
overheads to a minimum. One of these premises is a 1300m2 assembly facility in
Centurion to produce all of the group products.
The final integration and merging of all the remaining businesses acquired in
2007 under the Ansys management and trading style has been completed during the
first quarter of the 2012 financial year. The business of QuadSoft (Pty) Ltd
("QuadSoft") was divisionalised during the 2011 financial year into the Rail
segment of Ansys, as part of the integration process of products and customers.
Order input has vastly improved in Rail, Mining and even Defence. The total
group order book is currently at R49 million which is respectable for this time
of the year. Most of these orders are for delivery in the 2013 financial year.
Financial Results
Disposal of subsidiary
The 100% shareholding in Optocon was disposed during the previous financial
year. The effective date of the transaction was 1 November 2010 and the year-end
comparative results included eight months of Optocon`s results.
Refer to the notes on the provisional financial information for effect of the
disposal on the statement of comprehensive income, statement of financial
position and the statement of cash flows.
Current assets
The net increase in current assets is as follows:
The majority of the increase in inventory of R3.7 million from the previous
financial year is due to the increase in inventory levels for current projects
that will be completed during the first half of the year. During the 2012
financial year, certain inventory for the defence segment was written down to
its net realisable value. The write-off to the condensed consolidated
comprehensive income statement amount to R1.5 million.
Trade and other receivables increased by R8.5 million from the previous year. A
significant part of the increase is due to the invoicing for the completion of
rail yard safety projects as well as rail trackside measurement projects.
Placement of shares
During the 2012 financial year, Ansys has placed 12,750 million shares in the
public market. These placements were part of the board`s efforts to raise
working capital.
Dividend policy
Ansys has historically exercised a policy of paying dividends to shareholders,
having due regard to the profit, future capital requirements and cash flow
position. In the light of these, no dividend will be payable for this year.
Changes to the board of directors
The following changes to the board of directors occurred during the financial
year:
MD Keebine (Non-executive director) - Appointed on 10 March 2011
FF Dantile (Non-executive director) - Appointed on 10 March 2011
Broad Based Black Economic Empowerment ("BBBEE")
During the current year assessment Ansys has improved its rating from a level 6
contributor to a level 5 contributor.
Statement of compliance, basis of preparation and review opinion
The provisional reviewed financial information for the year ended 29 February
2012 has been prepared in accordance with the framework concepts and the
measurement and recognition requirements of International Financial Reporting
Standards ("IFRS") and the AC500 standards as issued by the Accounting Practices
Board, the South African Companies Act 71 of 2008, as amended and the Listings
Requirements of the JSE Limited ("JSE Listings Requirements") and contain the
information required by IAS 34: Interim Financial Reporting. The results have
been prepared in accordance with accounting policies of the group that comply
with IFRS as well as AC500 and have been consistently applied, throughout the
Group, to all periods presented.
The provisional financial results have been reviewed by the Company`s auditors,
BDO South Africa Incorporated, who have expressed an unmodified review
conclusion on the results. A copy of their review report is available for
inspection at the company`s registered office.
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 28 February 2011.
Appreciation
We wish to thank our customers, business partners, advisors and suppliers for
their contribution to Ansys Ltd in the past year. No growth or economic activity
would be possible without orders and the capable employees and shareholder
investment to execute them.
By order of the Board
16 May 2012
Alan Holloway Rachelle Grobbelaar
Chief Executive Officer Chief Financial Officer
CORPORATE INFORMATION
Non executive directors: T Daka (Chairman), FF Dantile, MD Keebine
Executive directors: A Holloway (CEO), R Grobbelaar (CFO),RF Barnard
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: 16/05/2012 07:06:03 Produced by the JSE SENS Department.
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