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Abridged Audited Consolidated Financial Statements
for the year ended 31 March 2017 and notice of AGM
Ansys Limited
(“Ansys” or “the company” or “the Group”)
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/001222/06)
Share Code: ANS
ISIN: ZAE000097028
Abridged Audited Consolidated Financial Statements
for the year ended 31 March 2017 and notice of annual general meeting
HIGHLIGHTS
- Revenue increased to R806 million from R474 million (up 70%)
- EBITDA improved to R113.1 million from R42.8 million (up 164%)
- Profit after tax improved to R67.8 million from R20 million (up 239 %)
- Headline Earnings per share increased to 14.71 cents from 4.86 cents (up 203%)
- Basic Earnings per share increased to 14.72 cents from 4.86 cents (up 203%)
- Tangible Net Asset Value increased to 32.6 cents from 17.5 cents (up 86%)
Abridged consolidated statement of financial position
As at 31 March 2017
31 March 31 March 31 March 31 March
2017 2017 2016 2016
Notes (Review (Re- (Previously
(Audited) ed) stated) reported)
R’000 R’000 R’000 R’000
Assets
Non-current assets 179 010 186 616 166 297 175 492
Property, plant and equipment 53 158 53 158 43 053 43 053
Intangible assets 118 692 118 692 120 418 120 418
Other financial assets 1 010 - - -
Deferred tax asset 6 150 14 766 2 826 12 021
Current assets 304 794 305 804 249 489 249 489
Inventories 101 099 101 099 84 774 84 774
Trade and other receivables 124 404 124 404 121 682 121 682
Cash and cash equivalents 79 291 79 291 42 358 42 358
Other financial assets - 1 010 675 675
Total assets 483 804 492 420 415 786 424 981
Equity and liabilities
Equity 269 022 269 022 201 271 201 271
Share capital 212 141 212 141 212 141 212 141
Accumulated profit/(loss) 56 652 56 652 (11 224) (11 224)
Minority interest 229 229 354 354
46 676
Non-current liabilities 38 060 39 692 48 887
Interest bearing borrowings 36 602 36 602 32 509 32 509
Other financial liabilities - - 6 372 6 372
Deferred tax liability 1 458 10 074 811 10 006
Current liabilities 176 722 176 722 174 823 174 823
Provisions 1 186 1 186 1 503 1 503
Interest bearing borrowings 5 211 5 211 2 703 2 703
Other financial liabilities - - 2 070 2 070
Trade and other payables 166 467 166 467 152 382 152 382
Current tax payable 3 802 3 802 1 460 1 460
Cash and cash equivalents 56 56 14 705 14 705
Total equity and liabilities 483 804 492 420 415 786 424 981
Abridged consolidated statement of comprehensive income
For the year ended 31 March 2017
12 months 12 months 13 months
ended ended ended
31 March 2017 31 March 2017 31 March 2016
Note (Audited) (Reviewed) (Audited)
R’000 R’000 R’000
Revenue 806 019 806 019 474 066
Cost of sales (593 887) (593 887) (351 054)
Gross profit 212 132 212 132 123 012
Other income 969 969 703
Operating costs (130 304) (130 304) (88 917)
Other gains/(losses) 17 409 17 409 (2 719)
Operating profit 100 206 100 206 32 079
Finance income 3 106 3 106 1 419
Finance costs (9 132) (9 132) (4 996)
Profit before taxation 94 180 94 180 28 502
Taxation (26 429) (26 429) (8 529)
Total comprehensive income
for the period 67 751 67 751 19 974
Attributable to:
Equity holders of the company 67 876 67 876 20 010
Non-controlling interest (125) (125) (36)
67 751 67 751 19 974
Basic earnings per share (cents) 14.72 14.72 4.86
Diluted earnings per share 14.72 14.72 4.86
(cents)
Abridged consolidated statement of cash flows
For the year ended 31 March 2017
Year Year 13 months
ended ended ended
31 March 2017 31 March 31 March
2017 2016
(Audited) (Reviewed) (Audited)
R’000 R’000 R’000
Cash flows from operating
activities
Cash receipts from customers 787 654 789 489 445 616
Cash paid to suppliers and
employees (679 864) (681 699) (468 638)
Cash generated from/(utilised
in) operations 107 790 107 790 (23 022)
Interest paid (9 132) (9 132) (4 996)
Interest received 3 106 3 106 1 419
Taxation paid (26 765) (26 763) (7 196)
Net cash flow generated
from/(utilised in) operating
74 999 75 001 (33 795)
activities
Cash flows from investing
activities
Purchase of property, plant and
equipment (15 371) (15 371) (4 688)
Proceeds from disposal of
property, plant and equipment 612 611 81
Cash payment for acquisition of
subsidiary net of cash acquired - - 7 281
Investment in intangible assets (6 482) (6 482) (1 430)
Increase in other financial assets (335) (335) (330)
Net cash flow (utilised
in)/generated from investing
activities (21 576) (21 577) 914
Cash flows from financing
activities
Issue of share capital - - 17 200
Decrease in related party loans - - (5 998)
Decrease in other financial
liabilities (8 442) (8 442) -
Increase in interest bearing
borrowings 6 601 6 601 29 940
Net cash flow (utilised
in)/generated from financing
activities (1 841) (1 841) 41 143
Net increase in cash, cash
51 582 51 583 8 262
equivalents and bank overdrafts
Cash, cash equivalents and bank
overdrafts at beginning of year 27 653 27 652 19 391
Cash, cash equivalents and bank 79 235 79 235 27 653
overdrafts at end of year
Abridged consolidated statement of changes in equity
For the year ended 31 March 2017
Accumu
Issued lated Non-
share (losses)/ controlling
capital profit interest Total
R’000 R’000 R’000 R’000
Balance as at 1 March 2015
(Audited) 73 668 (31 234) - 42 434
Movements during the period
Shares issued 26 270 - - 26 270
Business combination 112 203 - 390 112 593
Profit for the period - 20 010 (36) 19 974
Balance as at 31 March 2016
(Audited) 212 141 (11 224) 354 201 271
Movements during the period
Profit for the period - 67 876 (125) 67 751
Balance as at 31 March 2017
(Reviewed) 212 141 56 652 229 269 022
Balance as at 1 March 2015
(Audited) 73 668 (31 234) - 42 434
Movements during the period
Shares issued 26 270 - - 26 270
Business combination 112 203 - 390 112 593
Profit for the period - 20 010 (36) 19 974
Balance as at 31 March 2016
(Audited) 212 141 (11 224) 354 201 271
Movements during the period
Profit for the period - 67 876 (125) 67 751
Balance as at 31 March 2017
(Audited) 212 141 56 652 229 269 022
Abridged consolidated segment report
For the 13 months ended 31 March 2016
Year Year 13 months 13 months
ended ended ended ended
31 March 31 March 31 March 31 March
2017 2017 2016 2016
(Audited) (Reviewed) (Re-stated) (Previously
reported)
R’000 R’000 R’000 R’000
Segment revenue
Rail 100 240 100 240 137 016 137 016
Defence and Cyber Security 187 623 187 623 90 145 90 145
Mining and Industrial 89 320 89 320 42 548 42 548
Telecommunications 428 836 428 836 204 357 204 357
Total 806 019 806 019 474 066 474 066
Segment profit
Rail 5 530 5 530 15 871 15 871
Defence and Cyber Security 14 721 14 721 15 997 15 997
Mining and Industrial 7 734 7 734 4 029 4 029
Telecommunications 82 248 82 248 6 130 6 130
Sub total 110 233 110 233 42 027 42 027
Corporate costs (10 027) (10 027) (9 948) (9 948)
Finance costs (9 132) (9 132) (4 996) (4 996)
Finance income 3 106 3 106 1 419 1 419
Profit before taxation 94 180 94 180 28 502 28 502
Financial position ^
Assets 483 804 492 420 415 786 424 981
Rail 80 748 110 741 76 906^ 107 011^
Defence and Cyber Security 142 045 132 022 143 599^ 134 765^
Mining and Industrial 61 511 59 354 53 379^ 50 456^
Telecommunications 198 290 189 092 134 648^ 125 494^
Corporate assets 1 211 1 211 7 255^ 7 255^
Liabilities 214 782 223 398 214 515 223 710
Rail 12 090 13 537 36 553^ 38 112^
Defence and Cyber Security 61 872 66 595 70 340^ 76 252^
Mining and Industrial 22 753 25 186 12 402^ 14 069^
Telecommunications 114 977 114 990 92 400^ 92 457^
Corporate liabilities 3 090 3 090 2 820^ 2 820^
^ In the current reporting period, the segment assets and liabilities have been allocated using
the same principles in allocating the segment profit and loss. This entails assets and liabilities
being allocated, as far as possible, directly to the segments they relate, and the remaining assets
and liabilities in the entities apportioned to segments based on the gross profit contribution of each
segment they operate in. The March 2016 periods have been restated to align to these new
allocation principles.
In the prior periods the segment assets/liabilities were stated as follows:
13 months
ended
31 March 2016
Assets 424 981
Rail 98 043
Defence and Cyber Security 70 700
Mining and Industrial 33 207
Telecommunications 127 308
Corporate assets 95 723
Liabilities 223 710
Rail 1 263
Defence and Cyber Security 23 995
Mining and Industrial -
Telecommunications 94 271
Corporate liabilities 104 181
NOTES TO THE FINANCIAL INFORMATION
1. Restatement of reviewed results for the year ended 31 March 2017
The reviewed financial results for the year ended 31 March 2017 which was released on SENS
on 21 June 2017, as well as the audited financial results for the period ended 31March 2016
have been restated due to the following items:
- The re-classification of “other financial assets” from current assets to non-current
assets.
- The re-classification of Deferred Tax Assets and Deferred Tax Liabilities to reflect the
net amounts that relate to the same tax authority.
- The re-classification of Deferred Tax Assets and Deferred Tax Liabilities also had an
impact on the segment assets and liabilities which has been adjusted accordingly.
- In the segment assets, the re-classification of Goodwill allocated as part of the Parsec
transaction to the relevant segments.
- Other minor reclassifications as specified in the notes below.
The effect of the restatement applies to the reviewed 31 March 2017 figures as well as the
audited 2016 figures. The impact of the reclassifications are not material with regards to the
2015 results.
There were no changes to the Statement of Comprehensive Income and hence there was no
change to any of the key indicators that relate to this, including the Earnings per Share and
Headline Earnings per share. The effect on the individual line items are contained in the notes
below:
1.1 Deferred tax asset and liabilities
31 March 2017 31 March 2017 Difference
(Audited) (Reviewed)
R’000 R’000 R’000
Deferred tax assets 6 150 14 766 (8 616)
Deferred tax liability 1 458 10 074 (8 616)
31 March 2016 31 March 2016 Difference
(Restated) (Previously)
R’000 R’000 R’000
Deferred tax assets 2 826 12 021 (9 195)
Deferred tax liability 811 10 006 (9 195)
The movement in the deferred tax asset and liabilities for both reporting periods relate to the re-
classification of deferred tax assets and liabilities to show then net deferred tax asset or liability
position that relate to the same tax authority.
1.2 Other financial assets
31 March 2017 31 March 2017 Difference
(Audited) (Reviewed)
R’000 R’000 R’000
Non-current assets
Other financial assets 1 010 - 1 010
Current assets
Other financial assets - 1 010 (1 010)
In the March 2017 reviewed figures the total assets relating to this item was classified as
current assets. On the audited figures, this total liability was re-classified as non-current assets
due to the nature of the expected repayment terms on this asset.
1.3 Cash flow statement
The following rounding adjustments and reclassifications were made in order to achieve
consistency between the current and prior years. The net aggregated amounts are unchanged.
Year Year Difference
ended ended
31 March 2017 31 March 2017
(Audited) (Reviewed)
R’000 R’000 R’000
Cash flows from operating
activities
Cash receipts from customers 787 654 789 489 1 835
Cash paid to suppliers and
employees (679 864) (681 699) (1835)
Taxation paid (26 765) (26 763) (2)
Net cash flow generated from
operating activities 74 999 75 001 (2)
Cash flows from investing
activities
Proceeds from disposal of
property, plant and equipment 612 611 1
Net cash flow (utilised
in)/generated from investing
activities (21 576) (21 577) 1
1.4 Segment assets/liabilities
Goodwill from the acquisition from the Parsec transaction was previously allocated to all segments
in which the Ansys Group operates, whilst it should only have been allocated to the segments in
which the Parsec business relate. This was corrected as follows:
31 March 2017 31 March 2017 Difference
(Audited) (Reviewed)
R’000 R’000 R’000
Rail - 28 546 (28 546)
Defence and Cyber Security 40 299 25 553 14 746
Mining and Industrial 12 543 7 953 4 590
Telecoms 25 171 15 961 9 210
Total 78 013 78 013 -
31 March 2016 31 March 2016 Difference
(Restated) (Previously)
R’000 R’000 R’000
Rail - 28 546 (28 546)
Defence and Cyber Security 40 299 25 553 14 746
Mining and Industrial 12 543 7 953 4 590
Telecoms 25 171 15 961 9 210
Total 78 013 78 013 -
2. STATEMENT OF COMPLIANCE, BASIS OF PREPARATION AND AUDIT REPORT
The summary consolidated financial statements are prepared in accordance with the requirements of
the JSE Limited Listings Requirements for abridged reports, and the requirements of the Companies
Act applicable to summary financial statements. The Listings Requirements require abridged reports
to be prepared in accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements
as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the
information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the
preparation of the consolidated financial statements from which the summary consolidated financial
statements were derived are in terms of International Financial Reporting Standards and are
consistent with those accounting policies applied in the preparation of the previous consolidated
annual financial statements.
AUDITOR’S REPORT
This summarised report is extracted from audited information, but is not itself audited. The annual
financial statements were audited by PricewaterhouseCoopers Inc., who expressed an unmodified
opinion thereon. The audited annual financial statements and the auditor’s report thereon are
available for inspection at the company’s registered office.
The directors take full responsibility for the preparation of the abridged report and that the
financial information has been correctly extracted from the underlying annual financial statements.
PREPARER
These results were prepared under the supervision of Burt Lamprecht CA (SA), the Chief Financial
Officer.
GOING CONCERN
The directors have reviewed the Group’s budget and cash flow forecast for the year to 31 March
2018. On this basis and in light of the Group’s current financial position, the directors are satisfied
that the Group will continue to operate for the foreseeable future and have adopted the going
concern basis in preparing these abridged financial results.
EVENTS SUBSEQUENT TO PERIOD END
The directors are not aware of any significant events, other than noted above, that have occurred
between the year ended 31 March 2017 and the date of this report that may materially affect the
results of the Group for the year or its financial position as at 31 March 2017.
ISSUE OF AUDITED ANNUAL FINANCIAL STATEMENTS
Shareholders are advised that the audited consolidated financial statements and the notices of the
annual general meetings for Ansys Limited have been sent to shareholders. The Ansys Limited Integrated
Report and the audited consolidated financial statements for 2017 are available online on the group’s
website (www.ansys.co.za).
ANNUAL GENERAL MEETING
In compliance with section 3.22 of the JSE Listing Requirements shareholders are advised that the
annual general meeting of the shareholders of Ansys will be held on Friday 3 November 2017 at
10h00 at Equinox Board Room, Parsec, 76 Regency Drive, Route 21 Corporate Park, Irene to deal
with the business as set out in the notice of annual general meeting forming part of the annual
report.
By order of the board
Teddy Daka Burt Lamprecht
Chief Executive Officer Chief Financial Officer
29 September 2017
Directors
CP Bester, T Daka* (CEO); BC Lamprecht* (CFO); Dr. SJ Khoza, N Medupe, NS Mjoli-Mncube;
SP Mzimela, AR van der Watt*
*Executive
Company secretary
M van den Berg
Telephone: +27 12 749 1800
Facsimile: +27 12 665 2767
Website: www.ansys.co.za
Registered office: 140 Bauhinia Street Centurion, Pretoria 0157 (PO Box 95361, Waterkloof,
Pretoria)
Designated adviser: Exchange Sponsors (2008) (Pty) Ltd
Transfer secretaries: Computershare Investor Services (Pty) Ltd
Page 12 of 12
Date: 29/09/2017 10:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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