| Tue 27 May 2008, 7:05 | | SLL - Stella Vista Technologies - Interim Results For The Period Ending |
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SLL - Stella Vista Technologies - Interim Results For The Period Ending
29 February 2008
Stella Vista Technologies Limited
("Stella Vista" or "the company")
(Registration number 1996/000172/06)
Share Code: SLL & ISIN: ZAE000018198
INTERIM RESULTS FOR THE PERIOD ENDING 29 FEBRUARY 2008
SUMMARISED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
six months six months twelve
ended ended months ended
28 Feb 08 28 Feb 07 31 Aug 07
R`000 R`000 R`000
Revenue 43,424 18,502 48,803
Gross Profit 27,369 6,407 21,609
Operating profit (after charging) 4,295 1,647 3,805
- Depreciation 244 301 532
- Operating rentals 116 105 221
Share of equity accounted - - (109)
investments
Finance Income 265 82 160
Finance cost (293) (286) (537)
Net profit before taxation 4,267 1,443 3,319
Taxation 999
Net profit after taxation 4,267 1,443 4,318
Basic and headline profit per
share (cents)
Net profit attributable to 4,267 1,443 4,318
shareholders (R)
Profit on disposal of fixed assets - - 70
(R)
Headline profit (R) 4,267 1,443 4,388
Weighted average number of shares 140,000 140,000 140,000
in issue
Earnings per share (cents) 3.05 1.03 3.08
Headline Earnings per share 3.05 1.03 3.13
(cents)
Net Asset Value per share (cents) 11.07 4.39 8.02
SUMMARISED GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 1,482 1,986 1,732
Investment in associated company 6,193 - 6,183
Deferred tax asset 3,972 2,976 3,972
11,647 4,962 11,887
Current assets
Inventories 5,533 9,971 18,845
Receivables 8,060 498 2,455
Cash and cash equivalents 11,108 1,783 12,706
24,701 12,252 34,006
Total assets 36,348 17,214 45,893
EQUITY AND LIABILITIES
Capital and reserves 15,500 6,147 11,233
Non-current liabilities
Interest-bearing borrowings 7 4,077 30
Current liabilities
Payables 15,422 4,020 34,169
Provisions and other payables 439 2,970 461
Other borrowings 4,980 - -
20,841 6,990 34,630
Total equities and liabilities 36,348 17,214 45,893
SUMMARISED GROUP CASH FLOW
Cash flow from operating (6,550) 943 22,589
activities
Cash flow from investing (4) (442) (6,672)
activities
Cash flow from financing (23) (116) (4,610)
activities
(Decrease)/ Increase in cash and (6,577) 385 11,307
cash equivalents
GROUP STATEMENT OF CHANGES IN
EQUITY
Capital and reserves at the 11,233 4,704 4,704
beginning of the period
Net profit for the period 4,267 1,443 4,318
Share based payment reserve - - 2249
Movement in foreign currency - - (38)
translation reserve
Capital and reserves at the end of 15,500 6,147 11,233
the period
The Company
Stella Vista Technologies Ltd (Company) is a world leader in the design of
state-of-the-art multimedia communications systems, providing displays,
control equipment and software for a multitude of applications. The complete
line of multi-purpose products includes LED electronic scoreboards, video
display screens and combined text and graphic messaging displays with real-
time data capabilities. Stella Vista 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
In the period under review, Stella Vista supplied Pakistan Cricket Board
with complete cricket scoring and video replay screen systems at five test
grounds in Karachi, Lahore, Multan, Rawalpindi and Faisalabad. The systems
feature the new LB24W white scoreboards, also used at the ICC 2007 Cricket
World Cup Final in Barbados.
In Australia, Stella Vista supplied three electronic advertising perimeter
systems to Subiaco Oval in Perth, Suncorp Stadium in Brisbane and to the
Telstra Stadium (now ANZ Stadium) in Sydney. These systems are used on a
weekly basis for various sporting codes, such as rugby union (at Twickenham
and the Cardiff Millennium Stadium), rugby league and soccer.
The prospects in the sports and commercial markets appear high in the medium
term. Key contributors to this are the adoption of electronic perimeter
boards in various sports, and the international move to introduce full-size
electronic billboards by large outdoor companies.
Results
Commentary
The company delivered admirable organic growth and continuing profit
improvement in the six months under review. The sustained performance
during this six month period has provided the platform to deliver strong
growth for this financial year.
Continued international recognition of the quality product manufactured and
supported by the company combined with strong acceptance of its sports
stadium replay screens, scoreboards and perimeter advertising boards will
all contribute positively to the future earnings of the company.
Dividend
No interim dividend is proposed.
Products and Services
Development of a new line of the Titan S-Series will further widen Stella
Vista offering in the field of video displays. There were also further
developments in the LB-series of information displays, such as the LB24W
(White LED).
Stella Vista continues to enhance its current range of sport solutions,
these solutions can be customized to suit any customer demand, from small
school sport grounds to World class venues.
Stella Vista products and services are continually improved and upgraded to
match the customer requirement. This applies across the board, from simple
information scoreboards, electronic perimeter displays to the video replay
displays and flight information display systems.
Accounting Standards
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards. The auditors of the company
have not reviewed the interim results.
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
26 May 2008
Date: 27/05/2008 07:05:11 Produced by the JSE SENS Department.
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