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SLL
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SLL - Stella Vista Technologies - Audited Results For The Year Ending
31 August 2009 And Notice Of Annual General Meeting
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 2009 AND NOTICE OF ANNUAL
GENERAL MEETING
SUMMARISED GROUP INCOME STATEMENT
Audited Audited twelve
twelve months ended
months ended
31 Aug 09 31 Aug 08
R`000 R`000
Revenue 59,779 73,341
Gross Profit 21,939 27,161
Operating profit (after charging) 1,703 9,388
- Depreciation 989 418
- Operating rentals 491 243
Share of equity accounted investments (769) (866)
Finance Income 35 423
Finance cost (202) (447)
Net profit before taxation 767 8,498
Income tax expense (559) (3,626)
Net profit after taxation 208 4,872
Attributable to:
Equity holders of the parent company 263 -
Minority interests 55 -
Basic and headline earnings
reconciliation
Net profit attributable to shareholders 263 4,872
Loss on disposal of fixed assets (3) 415
Headline earnings 260 5,287
Per share information
Weighted average number of shares in 145,000 140,000
issue
Earnings per share (cents) 0.2 3.5
Headline Earnings per share (cents) 0.2 3.8
Net Asset Value per share (cents) 10.1 11.5
SUMMARISED GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 14,254 1,623
Investment in associated company - 5,642
Deferred income tax 236 412
14,490 7,677
Current assets
Inventories 8,760 11,529
Trade and other receivables 7,100 8,554
Cash and cash equivalents 2,833 8,868
18,693 28,951
Total assets 33,183 36,628
EQUITY AND LIABILITIES
Capital and reserves 14,599 16,152
Minority interest 467 -
Non-current liabilities
Deferred revenue 1,744 2,673
Current liabilities
Trade and other payables 14,045 16,231
Deferred revenue 718 404
Current tax liabilities 449 66
Current portion of interest-bearing - 39
borrowings
Bank overdraft 1,161 1,063
16,373 17,803
Total equity and liabilities 33,183 36,628
Net Asset Value per share (cents) 10.1 11.5
SUMMARISED GROUP CASH FLOW STATEMENT
Cash flow from/(used in) operating 4,550 (3,852)
activities
Cash flow from investing activities (10,619) (1,012)
Cash flow from financing activities (39) (37)
Decrease in cash and cash equivalents (6,108) (4,901)
GROUP STATEMENT OF CHANGES IN EQUITY
Capital and reserves at the beginning of 16,152 11,233
the year
Net profit for the period 263 4,872
Issue of shares during the year 50 -
Increase in share premium during the 1,550 -
year
Share based payment reserve (1,842) 286
Movement in foreign currency translation (1,574) (239)
reserve
Capital and reserves at the end of the 14,599 16,152
period
The Company
Stella Vista is a world leader in the design of state-of-the-art multi-media
mass communications systems, providing displays, control equipment, software
for a multitude of applications and short-term rental of its products. The
complete line of multi-purpose products includes scoreboards, video display
screens, electronic perimeter boards, flight information display boards and
combined text and graphic messaging displays with real-time data
capabilities.
Expansion
Stella Vista has increased its footprint into the rest of the world which
includes the takeover of the business and assets of Megaview UK Limited from
1 July 2009, which was majority owned by Primedia (Pty) Ltd. All the
employees in the UK business have been retained, with Mr. Donald Campbell
remaining in his position as the managing director, tasked with further
developing the UK and other international business.
The Market and Prospects
In the continent of Africa, even though next year`s World Cup is bringing a
substantial amount of business to the country, we have been unsuccessful in
winning more contracts to supply replay screens to host cities, losing out to
a number of different international competitors. The sheer variety of
suppliers selected means that it is unlikely that some of them will build
sustainable South African based business post-2010, and this fact has to be
seen as a missed opportunity to increase the profile and skilled employment
base of South African companies. While we see this as a disappointing failure
of Stella Vista to capitalise on our position as the leader in the South
African market, it has freed our resources to focus on winning contracts
outside the continent of Africa, where we are still perceived as a high
quality supplier with excellent price/performance ratio.
In Australia, we have had a very successful year, once again, with key
highlights being the installation of our first outdoor digital billboard at
Sydney International Airport, the first in Australia. We have also supplied
two further advertising displays at the Airport inside the International
Departure lounge. Our endeavours to cement our position as the pre-eminent
supplier of electronic perimeter displays to Australian sports bodies and
venues also continue to bear fruit.
In the United Kingdom, we have installed the first electronic scoreboard /
video replay screen at the Riverside Ground in Chester-le-Street, home of
double County champions, Durham County Cricket Club. The display has been
received with universal acclaim as one of the best in the country and will
serve as excellent reference for Stella Vista`s product quality
internationally. This increases the number of cricket stadia using our
displays and services to 25 worldwide, in Africa, Middle East, Indian
subcontinent, England and the Caribbean. In June 2009, we have once again
supplied electronic perimeter displays for the ICC World Twenty20 2009, held
at Lord`s, The Oval and Trent Bridge cricket grounds, with 100% uptime. Our
performance executing contracts with the English Rugby Football Union and the
Welsh Rugby Union have assisted us in obtaining business from the Scottish
Rugby Union, as well as the Scottish Football Association. Stella Vista`s
electronic perimeter displays are now used in all the rugby internationals
played in Australia, England, Scotland, South Africa and Wales.
Our electronic perimeter displays have also been used in cricket in South
Africa, India and England. They have been used for the first time in tennis,
basketball, rugby league and Aussie rules football (all in Australia).
We have supplied new displays to the Airports Company South Africa for the
new Central Terminal at OR Tambo International Airport, as well as the newly
opened Cape Town International Airport building.
Results
The abridged results are prepared in accordance with IAS34 - Interim
Financial Reporting.
Stella Vista has not escaped the economic crisis, which is reflected in the
current year`s financial results.
Operating profits have reduced significantly.
Revenue for the year is 18.5% down year on year.
Despite the drop in turnover we have managed to maintain our gross profit
margins at the same level.
Exports represent 67% of our turnover which endorses the international
market`s recognition of our quality products and services.
We continue to actively pursue sales orders and product and market
development initiatives together with expense reductions, without
jeopardizing our high quality standards. We strive to keep our inventory
levels and trade and other receivables at acceptable levels, while keeping
the overall objective of maximising our cash flows.
SEGMENTAL ANALYSIS
At 31 August 2009, the group is made up of the following operating
segments:
- South African operations, which earns revenue from the sale of
the screens and rental income from screens
- United Kingdom operations, which earns rental income from
renting of screens
- Other, which includes head office administration and dormant
entities
2009
South United Other Total
Africa Kingdom
Total segment
revenue 66,136 119 - 66,254
Inter-segment
revenue 6,475 - - 6,475
Revenue from
external customers 59,661 119 - 59,779
Cost of sales
37,835 5 - 37,840
Depreciation and
amortisation 398 591 989
Income tax expense
550 - 9 559
Share of loss from
associates - 769 - 769
Inventory
8,759 - - 8,759
Investment in
associate - - - -
Total assets
17,908 15,274 1 33,183
Total liabilities
12,552 47 5,517 18,117
2008
South United Other Total
Africa Kingdom
Total segment
revenue 73,341 - - 73,341
Inter-segment
revenue - - - -
Revenue from
external customers 73,341 - - 73,341
Cost of sales
46,180 - - 46,180
Depreciation and
amortisation 418 - - 418
Income tax expense
3,618 - 8 3,626
Share of loss from - -
associates 866 866
Inventory
11,529 - - 11,529
Investment in
associate - 5,642 - 5,642
Total assets
30,985 - 5,643 36,628
Total liabilities
20,469 - 8 20,477
Products and Services
As indicated previously, we have embarked on the largest revamp of our
product range in our history, developing new products and an entire new
display line, which will complete our product line-up, and serve us well for
the future. The technical details of these changes will become available as
products come on stream.
General
Despite the difficult trading conditions experienced during the past
financial year the directors remain confident that the company has the
capacity, quality product range and international acceptance to turn around
last year`s financial results.
Accounting Standards
The financial statements have been prepared in accordance with accounting
policies that are consistent with those of the prior year and which comply
with International Financial Reporting Standards and the AC500 standards as
issued by the Accounting Practices Board.
The unqualified audit opinion of the auditors, PricewaterhouseCoopers Inc, is
available for inspection at the company`s registered office.
Notice of the annual general meeting
Notice is hereby given that the annual general meeting of shareholders of
Stella Vista will be held at 10H00 on Thursday, 11 February 2010, 62 Kyalami
Boulevard, Kyalami Business Park, Kyalami.
JOHANNESBURG
On behalf of the Board
30 November 2009
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: 01/12/2009 08:45:01 Produced by the JSE SENS Department.
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