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SLL
SLL
SLL - Stella Vista Technologies Limited - Amended reviewed consolidated
results for the year ending 31 August 2011 and notice of Annual General
Meeting
Stella Vista Technologies Limited
("Stella Vista" or "the company")
(Registration number 1996/000172/06)
Share Code: SLL ISIN: ZAE000018198
AMENDED REVIEWED CONSOLIDATED RESULTS FOR THE YEAR ENDING 31 AUGUST 2011 AND
NOTICE OF ANNUAL GENERAL MEETING
Revenue - R27,414 million (down by 36%)
Net loss for the year - R1,484 million (down by 60%)
Shareholders are referred to the reviewed consolidated results announcement
for the year ending 31 August 2011, which announcement was released on SENS
on 30 November 2011, and are advised that certain line items have been
reclassified or reallocated. The reclassifications and reallocations are
indicated below:
REVIEWED CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
Reviewed Amended Audited
Twelve Twelve Twelve
months ended months ended months ended
31 Aug 11 31 Aug 11 31 Aug 10
R`000 R`000 R`000
Revenue 27,414 42,871
Gross Profit 16,866 20,743
Loss/(Profit) before interest and 1,183 1,178
depreciation
Depreciation (3,803) (4,935)
Loss before interest and taxation (2,620) (3,757)
Investment income - 8
Finance cost 744 745 (351)
Loss before taxation (1,876) (1,875) (4,100)
Taxation 392 423
Loss after taxation (1,484) (1,483) (3,677)
Other comprehensive income / (loss)
Foreign currency translation (84) (85) (595)
differences on foreign operations
Total comprehensive loss for the year (1,568) (4,272)
Loss attributable to:
Equity holders of the parent company (1,320) (3,542)
Non-controlling interests (164) (135)
Loss for the year (1,484) (3,677)
Total comprehensive loss attributable
to:
Equity holders of the parent company (1,393) (4,110)
Non-controlling interests (175) (162)
Total comprehensive loss for the year (1,568) (4,272)
Earnings per shares (cents)
Basic (see note 3) (0.91) (2.44)
Diluted (see note 3) (0.91) (2.46)
REVIEWED CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
ASSETS
Non-current assets 11,086 10,494
Property, plant and equipment 10,025 9,824
Deferred taxation assets 1,061 669
Current assets 12,874 19,296
Inventories 7,838 13,258
Trade and other receivables (note 4,140 4,548
4)
Cash and cash equivalents 896 1,016 1,491
Total assets 23,960 24,080 29,790
EQUITY AND LIABILITIES
Equity 9,226 10,794
Attributable to Stella Vista 9,096 10,489
Non-controlling interests 130 305
Non-current liabilities 439 360 1,453
Interest-bearing borrowings 113 34 115
Deferred revenue 326 1,338
Current liabilities 14,295 14,494 17,543
Trade and other liabilities 6,847 11,890
Deferred revenue 1,068 938
Taxation payable 459 459
Current portion of interest- 5,916 5995 4,205
bearing borrowings
Bank overdraft 5 125 52
Total equity and liabilities 23,960 24,080 29,790
Net Asset Value per share (cents) 6.3 7.2
REVIEWED CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
Net loss before tax and (1,876) (4,100)
separately disclosed items
Non-cash items 911 591 4,759
Working capital changes (95) (96) (4,287)
Cash generated from operations (1,060) (1,381) (3,627)
Investment income - 8
Finance cost (744) (351)
Taxation refunded/(paid) (392) -
Dividend paid to
Owners of Stella Vista
Non-controlling interest
Cash flow from operating (2,196) (2,125) (3,970)
activities
Purchase of property, plant and (61) (132) (582)
equipment
Cash flow from investing (61) (132) (582)
activities
Proceeds from interest bearing 1,709 4,319
borrowings
Cash flow from financing 1,709 4,319
activities
Net movement in cash and cash (548) (233)
equivalents
Foreign translation difference in - -
cash and cash equivalents
Cash and cash equivalents at 1,439 1,672
beginning of year
Cash and cash equivalents at end 891 1,439
of year
REVIEWED CONDENSED STATEMENT OF CHANGES
IN EQUITY
Share capital Foreign currency Share based Accumulated
and premium translation payment losses
reserve reserve
Balance at 31 19,650 (1,060) 693 (4,217)
August 2009
Total (595) (3,677)
comprehensive
loss for the
year
Restated 19,650 (1,655) 693 (7,894)
balance at 31
August 2010
Share options 693 (693) -
forfeited to
share premium
(see note 6)
Total (84) (1,484)
comprehensive
loss for the
year
Reviewed 20,343 (1,739) - (9,378)
balance at 31
August 2011
Attributable to Non-controlling Total equity
equity holders of interests
the parent company
Balance at 31 14,599 467 15,066
August 2009
Total (4,110) (162) (4,272)
comprehensive
loss for the
year
Restated 10,489 305 10,794
balance at 31
August 2010
Share options - - -
forfeited to
share premium
(see note 6)
Total (1,393) (175) (1,568)
comprehensive
loss for the
year
Reviewed 9,906 130 9,226
balance at 31
August 2011
NOTES TO THE REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The reviewed condensed consolidated results for the year ended 31 August
2011 ("year under review") have been prepared in accordance with AC 500
and IAS 34 - Interim Financial Reporting, the South African Companies
Act 2008 (Act 71 of 2008) and the JSE Listings Requirements.
2. Accounting policies
The accounting policies and methods of computation applied in the
preparation of the results for the year under review are consistent with
those applied in the preparation of the group`s annual financial
statements for the year ended 31 August 2010.
3. Reconciliation of headline loss
Loss after taxation attributable
to:
Ordinary equity holders of the (1,319) (3,542)
parent entity for the year
Loss on disposal of property, - (32)
plant and equipment
Headline loss (1,319) (3,573)
Weighted average number of shares 145,000 145,000
in issue (000`s)
Headline loss per share (cents) (0.91) (2.44)
Diluted headline loss per share (0.91) (2.46)
(cents)
4. Inventories
Raw material components 2,753 3,696
Work in progress 428 192
Finished goods 4,656 9,370
7,837 13,258
The significant decrease in inventory is due to the transfer of two LED
screens from South Africa to the United Kingdom whereby it is re-
classified as property, plant and equipment as it is used to earn rental
income. The further decrease is due to the impairment of the SV20 and
T14 screens.
5. Trade and other payables
Trade and other payables comprise the
following:
Trade payables 3,200 4,198
Deposits 1,810 5,024
Accrued expenses 1,077 545
Payroll related liability 375 781
Bonus accrual - 574
Audit fee accrual - 375
VAT accrual 256 39
Leave pay accrual 129 353
6 847 11,890
Deposits received upfront consist primarily of the deposits received
from Zimbabwe for the sale of perimeter boards. The significant
decrease in trade and other payables is largely due to a decrease in
deposits received upfront. Furthermore no accrual was raised for
bonuses for the 2011 year as the company is not in a position to pay
bonuses.
6. Share based payment
The share based payment reserve of R693,000 has been reversed as the
options were not exercised and have expired.
7. Segment information
Management has determined the operating segments based on the monthly
reports reviewed by the board of directors that are used to make
strategic decisions.
South African operations, which earns revenue from the sale of the
screens.
United Kingdom operations, which earns rental income from renting of
screens.
South Amende United Amended Total Amended
Africa d Kingdom United Total
South Kingdom
Africa
R `000s
2011
Total segment 21,881 8,220 30,100
revenue
Inter-segment (2,687) - (2,687)
revenue
Revenue from 19,194 8,220 27,414
external customers
Cost of sales 7,598 8,494 2,950 2,053 10,547
Depreciation and 528 (528) (4,332) (3,275) (3,803)
amortisation
Income tax 392 - 392
credit/(expense)
Loss after tax 326 719 1,158 2,202 1,484 2,921
Inventory 7,838 - 7,838
Total assets 12,150 12,270 11,810 23,960 24,080
Total liabilities 13,636 13,757 1,098 14,734
2010
Total segment 37,232 9,316 46,548
revenue
Inter-segment 2,201 2,200 1,477 3,678
revenue
Revenue from 25,032 35,032 7,839 42,871
external customers
Cost of sales 20,257 1,871 22,128
Depreciation and 1,479 3,456 4,935
amortisation
Income tax 423 - 423
credit/(expense)
Loss/(profit) after 1,100 2,577 3,677
tax
Inventory 13,258 - 13,258
Total assets 20,071 9,719 29,790
Total liabilities 18,760 236 18,996
The significant changes in South Africa assets 2011: R12,150m (2010:
R20,071m) is due to impairment of inventory and a sale of LED equipment
which was transferred from inventory to property, plant and equipment in
the United Kingdom, which is used for rental purposes in the United
Kingdom segment.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given of the Annual General Meeting of Stella Vista
Technologies Limited will be held in the boardroom of the Company,
number 62 Kyalami Business Park, at 10:00 on Friday, 30 March 2012.
On behalf of the directors
M Tabakovic
Chief Executive Officer
2 March 2012
Registered office
62 Kyalami Boulevard, Kyalami Business Park, Kyalami
Tel: (0ll) 466 2020
Website: www.stellavista.com
E-mail: muris@stellavista.com
Directors
M Tabakovic (Chief Executive Officer)
C Livingstone (Non-executive)
D Tabakovic
LJ Kerr
Company secretary
LJ Kerr
Sponsor
Arcay Moela Sponsors (Pty) Limited
Auditors
IAPA Johannesburg Chartered Accountants (SA)
Date: 02/03/2012 10:30:02 Produced by the JSE SENS Department.
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