| Thu 27 Nov 2003, 17:27 | | REVIEWED PRELIMINARY RESULTS FOR THE YEAR |
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STELLA VISTA TECHNOLOGIES LIMITED - REVIEWED PRELIMINARY RESULTS FOR THE YEAR
ENDED 31 AUGUST 2003
Stella Vista Technologies Limited ("Company")
(Incorporated in the Republic of South Africa)
(Registration number 1996/000172/06)
Share code: SLL
ISIN Code: ZAE000018198
REVIEWED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 AUGUST 2003
Summarised Group Balance Sheet
Reviewed Audited
31 Aug 03 31 Aug 02
R"000 R"000
ASSETS
Non-current assets
Property, plant and equipment 2 056 1 587
Non-current assets 166 1 510
Deferred taxation asset 3 122 2 859
5 344 5 956
Current assets
Inventories 16 280 18 290
Receivables 985 4 374
Cash and cash equivalents 443 15 878
17 708 38 542
Total assets 23 052 44 498
EQUITY AND LIABILITIES
Capital and reserves 12 694 13 983
Non-current liabilities
Interest-bearing borrowings 2 103 9 192
Current liabilities
Payables 7 975 20 776
Provisions and other payables 207 56
Current tax liabilities 73 491
8 255 21 323
Total equities and liabilities 23 052 44 498
Summarised Group Income Statement
Reviewed Audited
31 Aug 03 31 Aug 02
R"000 R"000
Revenue 34 991 19 589
Operating loss (after charging) (654) (8 784)
- Depreciation 696 570
- Operating rentals 340 992
Net interest paid (2 105) (1 014)
Net loss before taxation (2 759) (9 798)
Taxation 279 2 226
Net loss after taxation (2 480) (7 572)
Headline and basic loss per share (1.77) (5.41)
(cents)
Summarised Group Cash Flow
Cash flow from operating activities 4 967 1 970
Cash flow from investing activities (1 144) (754)
Cash flow from financing activities (19 219) 9 257
(Decrease)/increase in cash and cash (15 396) 10 47
equivalents
Group statement of changes in equity
Capital and reserves at the 13 983 21 976
beginning of the period
Net loss for the period (2 480) (7 572)
Movement in foreign currency 1 191 (421)
translation reserve
Capital and reserves at the end of 12 694 13 983
the period
HIGHLIGHTS
* ICC CWC 2003 successfully completed
- Revenue up 79% on previous year
THE COMPANY
Stella Vista is a world leader in the design of state-of-the-art multimedia
communications systems, providing displays, control equipment and software for a
multitude of applications. The complete line of multi-purpose products includes
scoreboards, video display screens and combined text and graphic messaging
displays with real-time data capabilities. Stella Vista focuses on designing,
producing, integrating and supporting innovative products and services for
clients" specific needs. This provides the total solution for sport, business,
entertainment and the transportation markets, ensuring complete customer
satisfaction, while providing the viewer experience.
THE MARKET
In addition to normal business, which included installations at the Johannesburg
International"s new Domestic Terminal, as well as exports to Botswana, during
the year under review, Stella Vista completed delivery of the official cricket
scoring software, full production software for scoring and statistics display,
LED scoreboards and integration of existing scoreboards at the 12 cricket
grounds in South Africa that hosted the matches of the ICC Cricket Cup 2003.
In addition, Stella Vista provided rentals of video replay screens for the
duration of the event, including equipment for TV commercial playout, instant
replay and match highlights, as well as management and integration services.
RESULTS
Income Statement
Compared with the previous year the turnover increased by 79%, the major
contributor being the ICC CWC 2003 contract.
The operating loss for the year was reduced to 1,9% of sales from 44,8% of sales
in the previous year. Stella Vista reflected an operating profit of R6,4 million
for the year, prior to the impairment charges.
The reductions in the prices of major imported components and changes in
technology required an impairment charge of R7,1 million to reflect the net
realisable value of inventory on hand.
Sales to the value of R5,54 million to a related party, Powerview (Pty) Limited,
a company owned by the directors, is included in revenue. These transactions
were carried out at arm"s length prices, based on market related terms and
conditions.
Balance Sheet
The decrease in inventory is mainly due to the reduction in cost of imported
components.
The increase in cash provided from operations and a decrease in receivables, was
utilised in the repayment of short and long-term debt.
PRODUCTS AND SERVICES
As communicated previously, Stella Vista has made a significant expansion in its
products and service offering. A new full-colour LED display model, Titan T14
impressed the officials and spectators at more than 30 matches of the World Cup.
The new LB-series model, LB-56, was used for all the new scoreboards. These two
displays models are both part of Stella Vista"s revolutionary faceUp display
system that guarantees interchangeability between LED video, LED text and
graphics displays and static advertising modules.
In the field of services and integration, Stella Vista"s offering is constantly
growing. As a result of this, we were able to offer and integrate a total
solution system for the UCB SA.
ACCOUNTING STANDARDS
The same accounting standards and policies as used by the group in the previous
financial year have been applied. These practices are in compliance with South
African Statements of Generally Accepted Accounting Practice. The preliminary
results have been reviewed by PricewaterhouseCoopers Inc. and the review opinion
is available for inspection at the company"s registered office.
PROSPECTS
As communicated in the interim results, Stella Vista has started to market
solutions based on the systems used at the ICC CWC 2003.
We have made significant inroads into the European and Middle Eastern markets,
the benefit of which should materialise during the next financial year.
On behalf of the board
RH Burke M Tabakovic
Chairman Chief Executive Officer
26 November 2003
Directors:
RH Burke* (Chairman), M Tabakovic (CEO), D Tabakovic, AA Coulson*,
C Livingstone* (*non-executive)
Date: 27/11/2003 05:05:07 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
