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SLL
SLL
SLL - Stella Vista - Aunaudited Interim Results For The Period Ending 28
February 2009
Stella Vista Technologies Limited
("Stella Vista" or "the company")
(Registration number 1996/000172/06)
Share Code: SLL ISIN: ZAE000018198
AUNAUDITED INTERIM RESULTS FOR THE PERIOD ENDING 28 FEBRUARY 2009
SUMMARISED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
six Six months twelve
months ended months
ended ended
28 Feb 09 28 Feb 08 31 Aug 08
R`000 R`000 R`000
Revenue 43,424 75,487
28,465
Gross Profit 16,055 29,307
10,140
Operating profit (after charging) 4,295 9,388
1,973
- Depreciation 204 244 418
- Operating rentals 116 243
127
Share of equity accounted investments - - (866)
Finance Income 265
35 423
Finance cost (293)
(192) (447)
Net profit before taxation 4,267 8,498
1,816
Income tax expense (489) - (3,626)
Net profit after taxation 4,267 4,872
1,327
Basic and headline profit per share
(cents)
Net profit attributable to shareholders 4,267 4,872
(R) 1,327
Loss on disposal of fixed assets (R) -
- 415
Headline profit (R) 4,267 5,287
1,327
Weighted average number of shares in 140,000 140,000
issue 140,000
Earnings per share (cents)
0.95 3.05 3.5
Headline Earnings per share (cents)
0.95 3.05 3.8
Net Asset Value per share (cents)
12.49 11.07 11.54
SUMMARISED GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 1,482 1,623
1,530
Investment in associated company 7,341 6,193 5,642
Deferred tax asset 412 3,972 412
11,647 7,677
9,283
Current assets
Inventories 5,533
23,691 11,529
Receivables
7,589 8,060 8,554
Cash and cash equivalents 11,108 8,868
1,505
24,701 28,951
32,785
Total assets 36,348 36,628
42,068
EQUITY AND LIABILITIES
Capital and reserves 15,500
17,479 16,152
Non-current liabilities
Interest-bearing borrowings - 7 -
Deferred revenue 2,077 - 2,673
2,077 7 2,673
Current liabilities
Payables 15,861
21,551 16,231
Deferred revenue 387 - 404
Current tax liabilities -
555 66
Current portion of interest-bearing 19 - 39
borrowings
Bank borrowings - 4,980 1,063
20,841
22,512 17,803
Total equities and liabilities 36,348 36,628
42,068
SUMMARISED GROUP CASH FLOW
Cash flow from operating activities (3,852)
(4,490) (6,550)
Cash flow from investing activities (4)
(1,810) (1,012)
Cash flow from financing activities - (23) (37)
Decrease in cash and cash equivalents
(6,300) (6,577) (4,901)
GROUP STATEMENT OF CHANGES IN EQUITY
Capital and reserves at the beginning of 11,233
the period 16,152 11,233
Net profit for the period 4,267 4,872
1,327
Share based payment reserve - - 286
Movement in foreign currency translation - - (239)
reserve
Capital and reserves at the end of the 15,500 16,152
period 17,479
The Company
Stella Vista Technologies Ltd 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
During the period under review, Stella Vista supplied Dubai
Sport City with five LB24W electronic scoreboards in the Cricket
Stadium and the Academy Grounds. Dubai Sport City recently
celebrated the opening of their world class cricket facility
with an ODI match between Australia and Pakistan.
In Australia, Stella Vista supplied the AAMI Stadium in
Adelaide, home of The Crows and Port Adelaide AFL teams with an
electronic perimeter board system. The AAIM Stadium now boasts a
280 meter long electronic perimeter board installed by Stella
Vista. Australia has continued to be a growing market for the
company.
The prospects in the sports markets remain 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. There are further
prospects in the commercial market with the move to introduce
full-size electronic advertising billboards by large outdoor
companies.
Results
Commentary
The company has delivered moderate profits for the six months
under review. Even though various projects were delayed beyond
our control, these projects have since been completed
successfully. Despite the current global economic crisis that
has affected the company, the company is confident that the
financial results of the previous financial year can be
matched.
The company`s exports have grown exponentially in recent years,
which highlights the endorsement of the international market`s
recognition of the quality products manufactured and supported
by Stella Vista.
Dividend
No interim dividend is proposed.
Development of a new line of the TitanRegistered S-Series will
further widen Stella Vista`s offering in the field of video
displays.
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`s products and services are continually improved
and upgraded to match customer requirements. 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 unaudited interim financial statements have been prepared using accounting
policies compliant with IAS34: Interim Financial Reporting, International
Reporting Standards. The accounting Policies used are consistent with those of
the prior period.
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
Date: 25/05/2009 09:17:28 Produced by the JSE SENS Department.
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