| Thu 24 May 2001, 0:00 | | Stella Vista - Interim Results For Period Ended 28 |
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Stella Vista Technologies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/000172/06)
("Stella Vista Technologies" or "the group")
Interim results for the period ended 28 February 2001
Summarised group income statement
Unaudited Unaudited Audited
six six twelve
months months months
ended ended ended
% Feb 2001 Feb 2000 Aug 2000
change R'000 R'000 R'000
Revenue 84,7 22 214 12 030 21 094
PBIT 75,5 4 032 2 298 1 755
Net interest received/(paid) - 182 418 813
Net profit before taxation 55 4 214 2 716 2 568
Taxation - (1 440) (815) (917)
Net profit after taxation 45,9 2 774 1 901 1 650
Earnings per share (cents) 1,94 1,36 1,18
Headline earnings per share 1,94 1,36 1,78
Summarised balance sheet
Unaudited Unaudited Audited
Feb 2001 Feb 2000 Aug 2000
R'000 R'000 R'000
ASSETS
Non-current assets 20 582 19 218 17 140
Fixed assets 2 015 2 385 2 319
Intangible assets - 2 446 -
Non-current receivables 18 115 14 047 14 570
Deferred tax asset 452 340 251
Current assets 28 342 27 707 37 190
Inventories 22 145 11 214 21 753
Receivables 1 105 7 977 8 991
Cash and cash equivalents 5 092 8 516 6 446
Total assets 48 924 46 925 54 330
Equity and liabilities
Capital and reserves 22 873 20 728 20 334
Ordinary share capital 1 400 1 400 1 400
Share premium 16 650 16 650 16 650
Retained earnings 5 083 2 678 2 309
Translation reserve (260) - (25)
Non-current liabilities 21 830 16 531 18 278
Interest-bearing borrowings 17 168 13 952 14 333
Other borrowings 4 662 2 579 3 945
Current liabilities 4 221 9 666 15 718
Payables 1 407 7 813 14 587
Provisions and other payables 310 890 207
Current tax liabilities 2 504 963 924
Total equities and liabilities 48 924 46 925 54 330
Summarised cash flow statement
Unaudited Audited
six twelve
months months
ended ended
Feb 2001 Aug 2000
R'000 R'000
Net cash utilised in operations (1 503) (19 888)
Net cash flow from investing operations (59) (1 102)
Net cash flow from financing activities 207 15 936
Net increase/(decrease) in cash resources (1 355) (5 055)
Cash resources at beginning of period 6 446 11 501
Cash recources at end of period 5 091 6 446
Statement of changes in equity
Share Share Retained Reserves Total
capital premium earnings
R'000 R'000 R'000 R'000 R'000
Balance at beginning
of period 1 400 16 650 (25) 2 309 20 334
Net profit for the period 2 774
Foreign currency
translation reserve (235)
Balance at
28 February 2001 1 400 16 650 (260) 5 083 22 873
COMMENTS
The company
Stella Vista is an information systems company specialising in multimedia
communications system hardware and software design, integration and
marketing. The company also designs and develops high quality light emitting
diode (LED) display screens for use in a variety of outdoor and indoor
applications.
Results
Turnover was 85% higher than the corresponding period last year. During this
period, the company successfully completed the contract to deliver a number
of displays to Forecourt Television Network, which displays are to be seen
in BP, Caltex, Shell and Total forecourts around the country.
Attributable profit after tax was up 45,9% on the same period. This was
largely due to lower margins as well as the costs incurred in setting up and
maintaining an office in Pasadena, California.
Balance sheet
Interest-bearing borrowings are directly related to non-current receivables,
due to a discounting arrangement with the company's bankers.
The inventory levels are substantially higher than the company would wish.
This is in part due to the need to tie up material inputs from overseas
suppliers as well as the cancellation, due to customer funding problems, of
a substantial order. As a result, the inventory largely consists of
completed product ready to be sold. The company is working to reduce
inventory levels by the year-end and is confident of doing so.
Forecourt Television Network (FTN)
During the period under review the group completed delivery of 40 large
display screens to FTN. These displays are situated in petrol station
forecourts around South Africa and are remotely controlled from a central
location, integrating satellite and internet communications. The displays
show news and entertainment video clips and advertising and are sound
enabled. This concept is a world first and it has stirred tremendous
international interest. Stella Vista worked for two years closely with FTN
developing the displays and looks forward to substantial growth as the
market develops, both locally and internationally.
Prospects
At present the local market is tight. While there has been significant
growth in outdoor advertising and electronic displays, as a result of which
South Africa has one of the most developed electronic outdoor media markets
in the world, the market for quality displays is restricted by economic
considerations. For this reason we have expanded our operations to the
United States and are exploring possible alliances in Europe and elsewhere.
Initial results indicate that future growth will come predominantly from
these areas. The board remains confident that Stella Vista will maintain and
grow its position as one of the leading international LED display producers
and will produce substantially improved results in the medium term.
On behalf of the board
R H Burke M Tabakovic
Chairman Chief Executive Officer
24 May 2001
Directors: R H Burke* (Chairman), M Tabakovic (Chief Executive Officer), S
Radman, D Tabakovic, A A Coulson*, C Livingstone* (*non-executive)
