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SLL
SLL
SLL - Stella Vista - Interim Results For The Period Ending 28 February 2010
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 28 FEBRUARY 2010
SUMMARISED GROUP INCOME
STATEMENT
Unaudited six Unaudited six Audited
months ended months ended twelve
months ended
28 Feb 10 28 Feb 09 31 Aug 09
R`000 R`000 R`000
Revenue 18,516 28,465 59,779
Gross Profit 6,599 10,140 21,939
Operating (loss)/profit (2,923) 1,973 1,703
(after charging)
- Depreciation 1996 204 989
- Operating rentals 382 127 491
Share of equity accounted - - (769)
investments
Finance Income - 35 35
Finance cost (144) (192) (202)
Net (loss)/profit before (3,067) 1,816 767
taxation
Income tax expense - (489) (559)
Net (loss)/profit after (3,067) 1,327 208
taxation
Attributable to:
Equity holders of the parent (3,150) - 263
company
Minority interests (83) - 55
Basic and headline
(loss)/earnings per share
(cents)
Net (loss)/profit (3,150) 1,327 263
attributable to shareholders
Profit on disposal of fixed - - (3)
assets
Headline (loss)/profit (3,150) 1,327 260
Weighted average number of 145,000 145,000 145,000
shares in issue
(Loss)/earnings per share 0.9 0.2
(cents) (2.17)
Headline Earnings per share 1.9 0.2
(cents) (2.17)
Net Asset Value per share 6.9 12.1
(cents) 10.1
SUMMARISED GROUP BALANCE
SHEET
ASSETS
Non-current assets
Property, plant and 12,516 1,530 14,254
equipment
Investment in associated - 7,341 -
company
Deferred tax asset 236 412 236
12,752 9,283 14,490
Current assets
Inventories 7,911 23,691 8,760
Receivables 4,756 7,589 7,100
Cash and cash equivalents 4,188 1,505 2,833
16,855 32,785 18,693
Total assets 29,607 42,068 33,183
EQUITY AND LIABILITIES
Capital and reserves 10,067 17,479 14,599
Minority interest 605 - 467
Non-current liabilities
Interest-bearing borrowings 3,237 - -
Deferred revenue 2,138 2,566 1,744
5,375 2,566 1,744
Current liabilities
Trade and other payables 10,426 21,551 14,045
Deferred revenue 417 387 718
Current tax liabilities 449 66 449
Current portion of interest- 1,604 19 -
bearing borrowings
Bank overdraft 664 - 1,161
13,560 22,023 16,373
Total equities and 29,607 42,068 33,183
liabilities
SUMMARISED GROUP CASH FLOW
Cash flow from operating (4,490) 4,550
activities (1,127)
Cash flow from investing (258) (1,810)
activities (10,619)
Cash flow from financing 3,237 - (39)
activities
(Decrease)/ Increase in cash 1,852 (6,300)
and cash equivalents (6,108)
GROUP STATEMENT OF CHANGES
IN EQUITY
Capital and reserves at the 14,599 16,152 16,152
beginning of the period
Net profit for the period (3,150) 1,327 263
Issue of shares during the - 50
year
Increase in share premium - 1,550
during the year
Share based payment reserve - - (1,842)
Movement in foreign currency (1,382) - (1,574)
translation reserve
Capital and reserves at the 10,067 17,479 14,599
end of 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
We have concluded the takeover of Megaview UK Ltd in the period under review.
This company has changed its name to Stella Vista International Ltd, and will
act as the hub for the group`s international business, which has been the
dominant component of our revenue stream in recent years.
During the period under review, Stella Vista supplied Out & About Marketing
and Media (Australia) with an electronic perimeter system which was used as
part of the company`s video display solution at the Clipsal 500 motor racing
event in Adelaide, South Australia.
Our prospects in the sports markets remain good despite the worldwide
economic downturn which has depressed the markets. Furthermore, several
installations of airport information displays and advertising screens, in
Australia, confirm the company`s competence in these important markets.
The rental market has been growing as a share of total revenues, and will
continue doing so in the future. We are well placed to take advantage of our
unique position as designers, manufacturers and users of our own products,
decreasing the cost of sales and increasing profit margins.
Results
Commentary
The decrease in sales, 35% down on the previous corresponding period,
together with an impairment charge of inventory contributed towards the
disappointing financial results for period ending 28 February 2010.
The current economic times are challenging and Stella Vista, as with other
major international players in the market, is feeling the pressure. Despite
this, management stays committed to grow the business and market footprint.
In terms of technology we are and will remain committed to innovations and
excellence.
Stella Vista SA has invested in its own LED rental displays which are being
utilised for short -term rentals, this revenue stream with higher profit
margins should contribute to an increase in our sales and profits.
Dividend
No interim dividend is proposed.
Product and services
Stella Vista continues to enhance and extend its range of displays solutions.
In sports, these solutions can be customised to suit any customer demand,
from small school sports grounds to world-class venues. In flight information
displays, the new line of SMD based LED displays has seen first installations
at the Sydney International Airport in Australia, and bodes well for the
future. Also, in advertising displays, we have installed several new screens
at the same airport, and are confident we can extend the market penetration
in this area.
Stella Vista products and services are continually improved and upgraded to
match customer requirements. This policy applies across the board, from
simple information scoreboards, electronic perimeter displays to the video
replay screens and flight information display systems.
Accounting Standards
The interim results have been prepared in accordance with accounting policies
that are consistent with those of the prior year and comply with
International Financial Reporting Standards and the AC500 standards as issued
by the Accounting Practices Board.
The interim results for the six months ending 28 February 2010 have not been
audited.
On behalf of the Board
Rh Burke M Tabakovic
Director Chief Executive Officer
Directors: M Tabakovic (CEO), D Tabakovic,
R Burke*, C Livingstone* (*non-executive)
14 June 2010
Sponsor
ARCAY Moela Sponsors
Date: 14/06/2010 17:01:02 Produced by the JSE SENS Department.
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