Jul 29 2010 11:33 am
Audited annual results for the year ended 28 February 2010
ANS: ANS - Ansys Limited - Audited annual results for the year ended 28 February 2010
ANS - Ansys Limited - Audited annual results for the year ended 28 February 2010
and notice of Annual General Meeting
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 28 FEBRUARY 2010 AND NOTICE OF ANNUAL
GENERAL MEETING
INTRODUCTION
Shareholders are advised that the annual financial statements were mailed to
shareholders today and contain the modifications set out below to the reviewed
provisional results published on SENS on 12 May 2010.
The modifications impacted on the following statements only:
* The Statement of Financial Position: This resulted from deferred
income tax assets and liabilities previously offset against each
other. The offsetting was not allowed in terms of International
Financial Reporting Standards ("IFRS") and therefore is disclosed
separately under non-current assets and non-current liabilities in the
Statement of Financial Position in the 2010 Annual Report. This
modification was also required for the comparative 2009 numbers, which
resulted in a re-allocation of R1.362 million between non-current
assets and non-current liabilities, with a zero net effect.
* The Statement of Cash Flows: This resulted from the incorrect
allocation of depreciation to investing activities, which was
correctly allocated to operating activities in the Statement of Cash
Flows in the 2010 Annual Report.
* The Segment Report: This resulted in the re-allocation of other gains
and losses, included as part of corporate unallocated profits and
losses, to the specific operating segments.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
28 28 February 28
February 2010 February
2010 2009
(Audited) Change (Reviewed) (Audited)
R'000 R'000 R'000 R'000
Assets
Non-current assets
Property, plant and equipment 7 887 7 887 6 871
Intangible assets 29 347 29 347 29 005
Deferred tax asset 6 465 1 983 4 482 2 478
Current assets
Inventories 10 156 10 156 5 799
Trade and other receivables 32 261 32 261 52 235
Cash and cash equivalents 3 355 3 355 6 965
Other financial assets 60 60 1 012
Total assets 89 531 1 983 87 548 104 365
Equity and liabilities
Equity
Share capital and vendor shares 40 718 40 718 42 287
Retained earnings 8 029 8 029 23 735
Liabilities
Non-current liabilities
Finance leases 388 388 665
Deferred tax liability 1 983 1 983 - 1 362
Current liabilities
Finance leases 274 274 523
Trade and other payables 30 048 30 048 18 950
Other financial liabilities - - 5 871
Cash and cash equivalents 7 202 7 202 9 115
Current tax payable 889 889 1 857
Total equity and liabilities 89 531 1 983 87 548 104 365
Number of shares in issue 142 228 142 228 041 140 271
041 008
Net asset value per share (cents) 34.27 34.27 47.07
Tangible net asset value per 13.64 13.64 26.39
share (cents)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
28 February 28 February
2010 2009
(Audited) (Audited)
R'000 R'000
Revenue 97 327 120 171
Gross profit 34 305 52 144
Other income 326 90
Operating costs (48 682) (47 632)
EBITDA (14 051) 4 602
Depreciation and amortization (3 604) (1 544)
(Loss)/profit before interest and taxation (17 655) 3 058
Interest paid (855) (1 550)
Interest received 220 908
(Loss)/profit before taxation (18 290) 2 416
Taxation 2 584 (887)
(Loss)/profit for the year (15 706) 1 529
Total comprehensive (loss)/income for the year (15 706) 1 529
Basic (loss)/earnings per share (cents) (11.10) 1.09
Diluted (loss)/earnings per share (cents) (10.95) 1.06
Headline (loss)/earnings per share (cents) (10.25) 1.09
Weighted average number of shares in issue 141 517 718 140 134 390
Diluted average number of shares in issue 143 406 733 144 503 386
Reconciliation of headline (loss)/earnings:
Net (loss)/profit attributable to ordinary (15 706) 1 529
shareholders
Adjusted for loss on disposal of property, plant 40 6
and equipment
Adjusted for goodwill impairment 1 166 -
Total tax effect of the adjustments (11) (2)
Headline (loss)/earnings attributable to ordinary (14 511) 1 533
shareholders
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Issued Vendor Retained Total
share shares income equity
capital
R'000 R'000 R'000 R'000
Balance at 1 March 2008 28 368 20 128 27 806 76 302
Movements during the year
Shares issued 813 (813) - -
Re-assessment of shares to be issued -
as a result of business combination (6 209) - (6 209)
Profit for the year - - 1 529 1 529
Dividends - - (5 600) (5 600)
Balance at 28 February 2009 29 181 13 106 23 735 66 022
Movements during the year
Shares issued 5 869 (5 869) - -
Re-assessment of shares to be issued - (1 569) - (1 569)
as a result of business combination
Profit for the year - - (15 706) (15
706)
Balance at 28 February 2010 35 050 5 668 8 029 48 747
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
28 February Adjustm 28 28 February
2010 ent February 2009
2010
(Audited) (Reviewed) (Audited)
R'000 R'000 R'000 R'000
Cash flows from operating 12 379 967 11 412 (17 513)
activities
Cash flows from investing (7 599) (967) (6 632) (4 717)
activities
Cash flows from financing (6 477) - (6 477) (528)
activities
Cash flows for the year (1 697) - (1 697) (22 758)
Cash and Cash equivalents at (2 150) (2 150) 20 608
beginning of year
-
Cash and Cash equivalents at (3 847) - (3 847) (2 150)
end of year
CONDENSED SEGMENT REPORT
28 28 28 February
February February 2009
2010 2010
(Audited) (Reviewed) (Audited)
R'000 R'000 R'000 R'000
Segment Revenue:
Rail 61 903 61 903 90 063
Defense 29 565 29 565 28 635
Industrial 5 757 5 757 1 270
Corporate Unallocated 102 102 203
Total 97 327 97 327 120 171
Operating (loss)/profit segment results (before interest and taxation):
Rail 1 380 (1 220) 2 600 15 533
Defense (12 714) (66) (12 648) (8 458)
Industrial (1 379) 219 (1 598) 1 417
Corporate Unallocated (4 942) 1 067 (6 009) (5 434)
Total (17 655) - (17 655) 3 058
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the 2010 annual general meeting of shareholders will
be held on Tuesday, 24 August 2010 at 10:00, in the boardroom at the company's
offices at 170 Outeniqua Avenue, Waterkloof, Pretoria.
28 July 2010
Designated Adviser
Exchange Sponsors
Date: 28/07/2010 11:23:05 Produced by the JSE SENS Department.
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2010-07-28 11:23:05 Source: JSE News Service (SENS)