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Stella Vista - Interm results Feb 2002
Stella Vista Technologies Limited ("Company")
(Incorporated in the Republic of South Africa)
(Registration number 1996/000172/06)
Share code: SLL ISIN code: ZAE000018198
Interim results for the six months ended 28 February 2002
Summarised group income statement
Unaudited Unaudited Audited
six six twelve
months months months
ended ended ended
Feb-02 Feb-01 Aug-01
R`000 R`000 R`000
Turnover 13 271 22 214 33 136
Operating (3 319) 4 032 3 948
(loss)/profit
Net interest (346) 182 (1 075)
(paid)/received
Net (loss)/profit (3 665) 4 214 2 873
before taxation
Taxation 1 050 (1 440) (1 098)
Net (loss)/profit (2 615) 2 774 1 775
after taxation
Headline and basic
(loss)/earnings
per share (cents) (1,87) 1,94 1,27
Summarised group
balance sheet
Unaudited Unaudited Audited
Feb-02 Feb-01 Aug-01
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and 1 407 2 015 1 299
equipment
Non-current assets 2 579 16 016 6 237
Deferred taxation 1 129 452 390
asset
5 115 18 483 7 926
Current assets
Inventories 21 272 22 145 25 946
Current portion op
non-current 497 2 099 1 216
receivables
Receivables 2 323 1 105 1 058
Cash and cash 5 744 5 092 5 424
equivalents
29 836 30 441 33 644
Total assets 34 951 48 924 41 570
EQUITY AND
LIABILITIES
Capital and
reserves
Ordinary share 1 400 1 400 1 400
capital
Share premium 16 650 16 650 16 650
Translation reserve (722) (260) (157)
Retained earnings 1 468 5 083 4 083
18 796 22 873 21 976
Non-current
liabilities
Interest-bearing 10 656 14 869 12 297
borrowings
Other borrowings - 4 662 -
10 656 19 531 12 297
Current liabilities
Trade and other 1 110 1 407 1 738
payables
Current portion of
interest-bearing 2 424 2 299 2 377
borrowings
Current portion of
other borrowings 677 - 1 650
Provisions and
other payables 734 310 123
Current tax 554 2 504 1 409
liabilities
5 499 6 520 7 297
Total equities and 34 951 48 924 41 570
liabilities
Summarised group
cash flow
Unaudited Unaudited Audited
Feb-02 Feb-01 Aug-01
R`000 R`000 R`000
Cash flow from 3 138 (1 503) (645)
operating
activities
Cash flow from (251) (59) 11
investing
activities
Cash flow from (2 567) 207 (446)
financing
activities
Increase/(Decrease)
in cash
and cash 320 (1 355) (1 080)
equivalents
COMMENTS
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
As predicted in our last communication, the local market was very quiet
during the period under review. This situation was aggravated by the
unprecedented depreciation of the rand that caused local prices to increase
substantially. As the local market is clearly unable to satisfy the
aspirations of Stella Vista, the company is now totally focused on the
international market. The international market has sufficient capacity and
is expected to grow substantially over the next five years
RESULTS
Income statement
Compared with the same six months of the previous year the turnover declined
by 40%.
The gross margin per product range was in line with previous periods and on
average slightly better than last year due only to the product mix. The low
turnover only yielded sufficient income to cover overheads.
Since 28 February 2002 a major customer was forced to cease its operations
and Stella Vista repossessed the screens. During the final consideration
of this report and the information currently available the company decided
it necessary to include a provision for the full outstanding balance from
this debtor amounting to R2,5m.
During the review period the US dollar price of major imported components
reduced significantly. This required an impairment amounting to R0,7m of
certain stock on hand in line with net realisable values as determined by
the Board of Directors.
Balance sheet
Interest-bearing borrowings relates primarily to non-current assets and
repossessed stock arising from a discounting facility negotiated with our
bankers. Inventory balances remain high mainly due to the repossessed
screens on hand.
Products
Stella Vista continued to dedicate significant resources to the development
of its technology, product innovation and improvements. The new product
ranges for the USA and European market have been defined and the final
developments will be done to take account of the applications required by
the orders received. The company remains dedicated to uncompromising product
quality and service.
Future direction
As reported in the previous communication, Stella Vista intends penetrating
and focusing on the international market. A contract for the establishment
of a demonstration site was concluded with a major international customer as
a first step in what could become a five-year project. Contracts for a
demonstration site for a second customer with similar potential are being
negotiated. We also realistically expect being awarded two contracts for
sport stadiums. Discussions are also being conducted with two suitable
international distributors. The first installation, although small, was made
in the USA. We believe that our continued efforts will secure an entry into
these markets and that an international market share can be established
during the next three to five years.
Our activities in these markets are growing and the Stella Vista brand name
is being established in many parts of the world. It is this marketing which
we expect will secure our inclusion in the tender list of various potential
customers.
Outlook
Most of the significant propositions that are being pursued are part of
larger projects and, due to the lead times, the majority of the benefits
will only materialise during the next financial year.
On behalf of the Board
R H Burke M Tabakovic
Chairman Chief Executive Officer
30 May 2002
Directors: R H Burke* (Chairman), M Tabakovic (Chief Executive Officer), S
Radman, D Tabakovic, A A Coulson*, C Livingstone* (*non-executive)
Date: 30/05/2002 05:30:00 PM Produced by the SENS Department
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