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2001
Stella Vista
Stella Vista Technologies Limited ("Company")
(Incorporated in the Republic of South Africa)
(Registration number 1996/000172/06)
Share code: SLL ISIN code: ZAE000018198
Results for the year ended 31 August 2001
Summarised group income statement
Audited Audited
year ended year ended
Aug 2001 Aug 2000
R'000 R'000
Turnover 33 136 21 094
Operating profit 3 948 1 755
Net interest (paid)/received (1 075) 813
Net profit before taxation 2 873 2 568
Taxation (1 098) (918)
Net profit after taxation 1 775 1 650
Headline and basic earnings
per share (cents) 1,27 1,18
Summarised group balance sheet
Audited Audited
Aug 2001 Aug 2000
R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 1 299 2 319
Non-current assets 6 237 12 471
Deferred taxation asset 390 251
7 926 15 041
Current assets
Inventories 25 946 21 753
Receivables 2 273 11 090
Cash and cash equivalents 5 424 6 446
33 643 39 289
Total assets 41 569 54 330
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 1 400 1 400
Share premium 16 650 16 650
Translation reserve (157) (25)
Retained earnings 4 083 2 308
21 976 20 333
Non-current liabilities
Interest-bearing borrowings 12 298 12 034
Other borrowings - 3 945
12 298 15 979
Current liabilities
Payables 5 763 16 886
Provisions and other payables 123 207
Current tax liabilities 1 409 925
7 295 18 018
Total equities and liabilities 41 569 54 330
Summarised group cash flow
Audited Audited
Aug 2001 Aug 2000
R'000 R'000
Cash flow from operating activities (645) (19 889)
Cash flow from investing activities 11 (1 102)
Cash flow from financing activities (446) 15 936
(Decrease)/increase in cash and
cash equivalents (1 080) (5 055)
The Company
Stella Vista is a world leader in design, implementation and integration of
mass communication systems, specialising in light emitting diode (LED)
technology that finds its application in large screen video and text
displays for mass communication, advertising, scoreboards, entertainment,
video quality replay in sports stadiums and flight information at airports.
The Market
Despite the general slow down in the market for technology products and
services Stella Vista increased its market penetration and turnover.
Customers are becoming more knowledgeable about the technology and are
moving towards better quality both in terms of product specifications and
design. Stella Vista welcomes and actively promotes this trend.
Results
Income Statement
Based on a year-on-year comparison:
- Turnover increased by 57,1%
- Operating profit increased by 125,0%
- Operating profit/turnover increased from 8,3% to 11,9%
- Profit after tax increased by 7,6%
The main factors contributing to these results are:
- Increased market share in the advance technology niches of the local
market, for example the Forecourt Television Network.
- Protecting margins through cost reductions derived from the improvement in
the technology and product development.
- Strict control of overheads.
- Interest paid increased substantially due to increased working capital
required during the course of the year.
Balance Sheet
Interest-bearing borrowings relates primarily to non-current assets and
arise from a discounting facility with our bankers. The finalisation and
sale of all work in progress before year-end resulted in both payables and
receivables being at significant lower levels than last year.
Products
Stella Vista continued to dedicate significant resources to the development
of its technology, product innovation and improvements.
The new product ranges offer various specification levels and are
specifically designed around the requirements of various target markets in
South Africa and the USA.
The company is dedicated to uncompromising product quality and service.
Prospects
Based on information available at the date of this statement management can
report that:
- Major local customers to whom Stella Vista is the preferred technology
partner are embarking on new projects and expansions which should allow
Stella Vista to grow its local turnover.
- Supplying the markets targeted in the USA have become a reality and at the
time of this report the first installations have been completed.
- Stella Vista plans to penetrate new markets during the course of the year
based on the expanded product range.
- Many of the prospects are project based and the full effect thereof is
expected to only materialise from the second half of the 2002 financial
year.
On behalf of the Board
R H Burke M Tabakovic
Chairman Chief Executive Officer
29 November 2001
Directors: R H Burke* (Chairman), M Tabakovic (Chief Executive Officer), S
Radman, D Tabakovic, A A Coulson*, C Livingstone* (*Non-executive)
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