| Thu 29 Nov 2007, 9:32 | | SLL - Stella Vista - Preliminary results for the y |
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SLL
SLL
SLL - Stella Vista - Preliminary results for the year ending 31 August 2007
Stella Vista Technologies Limited
("Stella Vista" or "the company")
(Registration number 1998/000172/06)
Share Code: SLL & ISIN: ZAE000018198 high good
PRELIMINARY RESULTS FOR THE YEAR ENDING 31 AUGUST 2007
SUMMARISED GROUP INCOME STATEMENT
Reviewed twelve Audited twelve
months ended months ended
31 Aug 07 31 Aug 06
R`000 R`000
Revenue 48,803 23,444
Gross Profit 21,609 12,609
Operating profit/(loss) (after charging) 3,805 (490)
- Depreciation 532 420
- Operating rentals 221 352
Share of equity accounted investments (109) -
Finance Income 160 33
Finance cost (537) (255)
Net profit/(loss) before taxation 3,319 (712)
Taxation 999 -
Net profit/(loss) after taxation 4,318 (712)
Basic and headline profit/(loss) per share
(cents)
Net profit/(loss) attributable to 4,318 (712)
shareholders (R)
Loss/(Profit) on disposal of fixed assets 70 (33)
(R)
Headline profit/(loss)(R) 4,388 (745)
Weighted average number of shares in issue 140,000 140,000
Earnings/(loss) per share (cents) 3.1 (0.5)
Headline Earnings/(loss) per share (cents) 3.1 (0.5)
Net Asset Value per share (cents) 8.02 3.36
SUMMARISED GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 1,732 1,844
Investment in associated company 6,183 -
Deferred tax asset 3,972 2,976
11,887 4,820
Current assets
Inventories 18,845 7,676
Receivables 2,455 5,765
Cash and cash equivalents 12,706 2,988
34,006 16,429
Total assets 45,893 21,249
EQUITY AND LIABILITIES
Capital and reserves 11,233 4,704
Non-current liabilities
Interest-bearing borrowings 30 106
Current liabilities
Payables 34,169 14,432
Provisions and other payables 461 418
Current tax liabilities - 1,589
34,630 16,439
Total equities and liabilities 45,893 21,249
SUMMARISED GROUP CASH FLOW
Cash flow from operating activities 22,589 (3,722)
Cash flow from investing activities (6,672) (211)
Cash flow from financing activities (4,610) 2,045
Increase/(Decrease) in cash and cash 11,307 (1,888)
equivalents
GROUP STATEMENT OF CHANGES IN EQUITY
Capital and reserves at the beginning of 4,704 5,675
the period
Net profit/(loss) for the period 4,318 (712)
Share based payment reserve 2,249 -
Movement in foreign currency translation (38) (259)
reserve
Capital and reserves at the end of the 11,233 4,704
period
The Company
Stella Vista Technologies Limited is a world leader in the design of state-of-
the-art multi-media mass communications systems, providing displays, control
equipment and software for a multitude of applications. The complete line of
multi-purpose products includes scoreboards, video display screens, electronic
perimeter boards and combined text and graphic messaging displays with real-time
data capabilities.
The Company focuses on designing, producing, integrating and supporting
innovative products and services for clients` specific needs. This provides the
total solution for sport, business, entertainment and the transportation
markets, ensuring complete customer satisfaction, while providing the viewer
with a truly remarkable experience.
The Market and Prospects
The Company has had a busy year and has continued to be active in the sports
market. We have entered new markets and have been well received. We delivered
screens to the ICC Cricket World Cup 2007 in the West Indies as well as signed
contracts with 5 cricket stadia in Pakistan. We are now exporting to the United
Kingdom and Australia.
The Company continues to grow and this has resulted in our sourcing new skills
and increasing our human resources. In the United Kingdom we have opened a new
office, Megaview UK, a joint venture with Primedia. The company now operates
screens at Twickenham in London, at the Millennium Stadium in Cardiff and has
signed a contract with the Premier Rugby league in England.
The prospects in the sports and commercial markets are good as more local and
international stadia are adopting the use of electronic perimeter boards and are
also permanently fitting electronic big screens and scoreboards. Outdoor
companies will be increasingly turning towards LED billboards in order to
capture advertising revenues. With the upgrading of existing airports and the
construction of new airports in South Africa and Africa, the company`s Flight
Information Display systems will continue to be in demand.
Results
Commentary
The company delivered excellent organic growth and improved headline earnings
for the year under review. International recognition of the quality product
manufactured and supported by the company has facilitated the increased growth.
As communicated previously the company is receiving strong acceptance of its
sports stadium replay screens, scoreboards and electronic perimeter advertising
boards.
The vast increase in inventories includes work in progress and finished
displays, these contracts have subsequently been completed successfully.
Dividend
No dividends have been declared.
Products and Services
The Company continues the development of a new line of TitanRegistered displays.
The TitanRegistered S-Series will further widen the Company offering in the
field of video displays and electronic perimeter boards. The Company continues
to enhance its current range of sport solutions. In order to be internationally
competitive and to address growing customer demand, The Company continues to
invest in research and development.
Accounting Standards
The financial statements have been prepared in accordance with International
Financial Reporting Standards and IAS 34.
Renewal of Cautionary Announcement
Shareholders are referred to the previous cautionary announcement dated 9
October 2007, and are advised that the negotiations discussed therein are still
in progress.
Accordingly shareholders are advised to continue to exercise caution when
trading in their shares, until such time as a further announcement is made.
On behalf of the Board
Dr A Bacher M Tabakovic
Chairman Chief Executive Officer
Directors: Dr A Bacher*(Chairman), M Tabakovic (CEO), D Tabakovic,
R Burke*, C Livingstone*
(*non-executive)
Sponsor
Arcay Moela Sponsors (Pty) Limited
Date: 29/11/2007 09:32:19 Produced by the JSE SENS Department.
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