| Wed 17 Dec 2008, 9:00 | | SLL - Stella Vista - Audited Results For The Year Ending 31 August 2008 |
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SLL - Stella Vista - Audited Results For The Year Ending 31 August 2008
Stella Vista Technologies Limited
("Stella Vista" or "the company")
(Registration number 1998/000172/06)
Share Code: SLL & ISIN: ZAE000018198
AUDITED RESULTS FOR THE YEAR ENDING 31 AUGUST 2008
SUMMARISED GROUP INCOME STATEMENT
Audited Audited twelve
twelve months ended
months ended
31 Aug 08 31 Aug 07
R`000 R`000
Revenue 75,487 48,803
Gross Profit 29,307 21,609
Operating profit (after charging) 9,388 3,754
- Depreciation 418 486
- Operating rentals 243 221
Share of equity accounted investments (866) (109)
Finance Income 423 160
Finance cost (447) (486)
Net profit before taxation 8,498 3,319
Taxation (3,626) 999
Net profit after taxation 4,872 4,318
Basic and headline profit per share
(cents)
Net profit attributable to shareholders 4,872 4,318
(R)
Loss on disposal of fixed assets (R) 415 70
Headline profit(R) 5,287 4,388
Weighted average number of shares in 140,000 140,000
issue
Earnings per share (cents) 3.5 3.1
Headline Earnings per share (cents) 3.8 3.1
Net Asset Value per share (cents) 11.54 8.02
SUMMARISED GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 1,623 1,732
Investment in associated company 5,642 6,183
Deferred income tax 412 3,972
7,677 11,887
Current assets
Inventories 11,529 18,845
Trade and other receivables 8,554 2,455
Cash and cash equivalents 8,868 12,706
28,951 34,006
Total assets 36,628 45,893
EQUITY AND LIABILITIES
Capital and reserves 16,152 11,233
Non-current liabilities
Interest-bearing borrowings - 30
Deferred revenue 2,673 -
2,673 30
Current liabilities
Trade and other payables 16,231 34,584
Deferred revenue 404 -
Current tax liabilities 66 -
Current portion of interest-bearing 39 46
borrowings
Bank overdraft 1,063 -
17,803 34,630
Total equities and liabilities 36,628 45,893
SUMMARISED GROUP CASH FLOW
Cash flow from operating activities (3,852) 22,698
Cash flow from investing activities (1,012) (6,781)
Cash flow from financing activities (37) (4,610)
Decrease)/Increase in cash and cash (4,901) 11,307
equivalents
GROUP STATEMENT OF CHANGES IN EQUITY
Capital and reserves at the beginning 11,233 4,704
of the year
Net profit for the period 4,872 4,318
Share based payment reserve 286 2,249
Movement in foreign currency (239) (38)
translation reserve
Capital and reserves at the end of the 16,152 11,233
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 period under review has been a good one for the Company in various markets
around the world, particularly in sports markets and transportation.
Building on our leadership position in cricket worldwide, 5 cricket stadia in
Pakistan now feature state-of-the-art Stella Vista Titan video replay screens,
as well as our unique white LB24 scoreboards. Also, the site of the ICC Cricket
World Cup 2007 final match, Kensington Oval in Barbados has taken ownership of
our largest video replay display to date and the new, full matrix, white LB24
linear scoreboard, mounted on the second tier of the stadium.
Australia has continued to be a growing market for Stella Vista, with systems in
Sydney, Brisbane, Perth most recently used the Rugby League World Cup. Stella
Vista is now the largest supplier of electronic perimeter displays to
international rugby in the world.
The joint venture in the United Kingdom, Megaview UK, has continued establishing
itself as the primary supplier to rugby in the home unions, supplying and
operating electronic perimeter systems to the RFU (Twickenham, London), WRU
(Millennium Stadium, Cardiff) and Premier Rugby League (various venues).
Megaview UK has also been selected to supply and operate electronic perimeter
displays at Hampden Park in Glasgow for Scottish Football Association, which
extends Stella Vista`s involvement in soccer to three continents (Africa,
Australia, Europe).
There has been more interest from the African continent in the period under
review, with a project in Nigeria (FIFA Under-17 World Cup 2009) being been won.
We have increased our efforts to satisfy the demand in sports, transportation
and commercial markets in Africa.
As anticipated, international competition for FIFA World Cup 2010-related
projects has been fierce. In spite of this fact, Stella Vista has won tenders to
supply video displays to two stadia during 2008, namely Atteridgeville Super
Stadium in Tshwane, and Coca Cola Park (Ellis Park) in Johannesburg.
The prospects in the sports and commercial markets are good as more local and
international stadia and sporting codes are adopting the use of electronic
perimeter boards and permanently fitting electronic big screens and scoreboards.
In the transportation market, we supplied Flight Information Display Systems for
the Airports Company South Africa (OR Tambo International Airport). There is
scope for further growth in this market for Stella Vista in the short to medium
term.
Results
Commentary
The Company maintained its admirable organic growth during the year under review
and increased its operating profit. Operating and administrative expenses are
well contained which has contributed to the improved operating profit. Exports
to various destinations around the world continue to grow.
Inventories include finished displays, which are currently being utilized in the
United Kingdom for various international sporting events.
Products and Services
The Titan S9 display, introduced in this period has been well received, with
considerable orders generated and executed. It has extended our outdoor product
line and is the perfect choice for high profile installations of both permanent
and temporary nature.
Our investment into research and development increased during the period under
review, and it has already resulted in improvements in both reliability and cost
efficiency in product design. The intensive R&D drive is set to continue in the
medium term.
Accounting Standards
The financial statements have been prepared in accordance with International
Financial Reporting Standards and the AC500 standards as issued by the
Accounting Practices Board.
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
17 December 2008
Date: 17/12/2008 09:00:13 Produced by the JSE SENS Department.
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