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SLL
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SLL - Stella Vista Technologies Limited -Interim results for the period ending
28 February 2011
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 2011
SUMMARISED GROUP INCOME STATEMENT
Unaudited six Unaudited six Audited twelve
months ended months ended months ended
28 Feb 11 28 Feb 10 31 Aug 10
R`000 R`000 R`000
Revenue 17,940 18,516 42,871
Gross Profit 11,134 6,599 20,743
Operating profit/ (loss) 648 (2,923) (3,757)
(after charging)
- Depreciation 1,848 1,996 3,624
- Operating rentals 908 382 1,610
Share of equity accounted - - (568)
investments
Finance income - - 8
Finance cost (195) (144) (351)
Net profit/ (loss) before 453 (3,067) (4,668)
taxation
Income tax expense - - 423
Net profit/(loss) after 453 (3,067) (4,245)
taxation
Attributable to:
Equity holders of the 400 (3,150) (4,082)
parent company
Minority interests (53) (83) (163)
Basic and headline
profit/(loss) per share
(cents)
Net profit/(loss) 400 (3,150) (3,542)
attributable to
shareholders (R)
Profit on disposal of fixed - - 32
assets (R)
Headline profit/(loss) (R) 400 (3,150) (3,574)
Weighted average number of 145,000,000 145,000,000 145,000,000
shares in issue
Earnings per share (cents) 0 (2) (2)
Headline Earnings per share 0 (2) (2)
(cents)
Net Asset Value per share 7 7 7
(cents)
SUMMARISED GROUP BALANCE
SHEET
ASSETS
Non-current assets
Property, plant and 7,701 12,516 9,824
equipment
Deferred tax asset 669 236 669
8,371 12,752 10,493
Current assets
Inventories 12,261 7,911 13,258
Receivables 3,619 4,756 4,548
Cash and cash equivalents 474 4,188 1,491
16,354 16,855 19,297
Total assets 24,725 29,607 29,790
EQUITY AND LIABILITIES
Capital and reserves 10,119 10,067 10,488
Minority interest 573 605 305
Non-current liabilities
Interest-bearing borrowings 155 3,237 115
Deferred revenue 1,155 2,138 1,338
1,310 5,375 1,453
Current liabilities
Payables 5,916 10,426 11,890
Deferred revenue 637 417 938
Current tax liabilities 459 449 459
Current portion of interest- 5,698 1,604 4,205
bearing borrowings
Bank borrowings 12 664 52
12,722 13,560 17,544
Total equities and
liabilities
SUMMARISED GROUP CASH FLOW
Cash flow from operating activities (3,970)
(2,602) (1,127)
Cash flow from investing activities (582)
275 (258)
Cash flow from financing activities 4,319
1,350 3,237
Increase/(decrease) in cash and cash (233)
equivalents (977) 1,852
GROUP STATEMENT OF CHANGES IN EQUITY
Capital and reserves at the beginning 14,760
of the year 10,488 14,599
Net profit/loss for the year (3,704)
400 (3,150)
Movement in foreign currency (568)
translation reserve (769) (1,382)
Capital and reserves at the end of the 10,488
year 10,119 10,067
The Company
Stella Vista Technologies Ltd. (Stella Vista) was established in February 1994
and in addition to the offices and factory situated in Kyalami Business Park in
South Africa has an office and warehouse in Kempton Gate Business Park in the
UK.
Stella Vista is one of the frontrunners in the visual mass communications
industry worldwide. Driven by the pursuit of excellence, the Company prides
itself on reliability and superior service made possible by its vision,
creativity, ambition and integrity.
We believe that it is our commitment to quality, our application optimized and
innovative designs, the low ownership cost of our products, the high quality of
the materials we use and our dedication to building long-term relationships
with our customers that sets us apart from the rest.
For more information visit www.stellavista.com or email us at
info@stellavista.com
The Market and Prospects
The prospects for improvement in the sport, commercial and transportation
markets are excellent as the economy worldwide is improving and Stella Vista`s
product range continues to expand. Stella Vista whilst still pursuing high end
LED deals has simultaneously re-entered the market for smaller LED advertising
screens. In the past 6 months this market has been explored very successfully.
During the period under review, Stella Vista supplied two stadia in Bangladesh
with a complete cricket solution (video replay screens, scoreboards, software,
training and control equipment) The Cricket World Cup was played partly in
Bangladesh and our equipment performed very well. A number of outdoor
advertising screens were sold to the PRIMEDIA Group and given their significant
footprint within this lucrative and expanding market segment, prospects for
further sales growth in the near future are considerably heightened.
Services and upgrades have contributed approximately 15% of total revenue.
Rentals are now 25% of the income and this area has excellent prospects to
increase in the future.
Rentals of perimeter displays in Europe continues to bring new opportunities as
Stella Vista`s product and suitability are being more widely show cased as the
UK based operation strengthens its network of strategic alliances within this
highly competitive sports advertising market.
Results
The current economic times continue to be challenging to Stella Vista, despite
this, management stays committed to growth of the business and market
footprint. In terms of technology we are and will remain committed to
innovations and excellence.
Significant improvements in net profits were achieved which resulted in a
turnaround from a loss of R3 million in the previous financial period to a
profit of R453K in the current reporting period.
The Company has streamlined operations and achieved cost reduction whilst still
maintaining core strengths over the longer period. The full effect of this
will only be reflected in the following reporting periods.
Commentary
Dividend
No interim dividend is proposed.
Product and services
The biggest movement besides selling new products, is upgrades to existing
sites. The benefits of our FaceUp technology are starting to be realised, this
technology has created new market opportunities where products previously sold
are upgraded at a fraction of the cost of a new installation and the older
technology is refurbished and sold in the used product market.
Accounting Standards
The results have been prepared in terms of IAS 34: Interim Financial Reporting,
as well as AC500
The interim results for the six months ending 28 February 2011 have not been
audited.
On behalf of the Board
C Livingstone M Tabakovic
Director Chief Executive Officer
Directors: M Tabakovic (CEO), D Tabakovic,
R Burke*, C Livingstone* (*non-executive)
Johannesburg
27 May 2011
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 27/05/2011 07:27:01 Produced by the JSE SENS Department.
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