| Tue 30 Nov 2004, 17:44 | | SUMMARISED GROUP INCOME STATEMENT |
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STELLA VISTA TECHNOLOGIES LIMITED - SUMMARISED GROUP INCOME STATEMENT
STELLA VISTA TECHNOLOGIES LIMITED
(`the Company`) (Incorporated in the Republic of South Africa)
Registration Number: 1996/000172/06
Share code: SLL ISIN: ZAE000018198
SUMMARISED GROUP INCOME STATEMENT
Audited Audited
31 Aug 04 31 Aug 03
R`000 R`000
Revenue 16,013 4,991
Operating loss
(after charging) (7,721) (654)
- Depreciation 604 696
- Operating rentals 335 340
Net interest paid (1,013) (2,105)
Net loss before taxation (8,734) (2,759)
Taxation (2,101) 279
Net loss after taxation (10,835) (2,480)
Basic and Headline Loss per share
Net loss attributable
to shareholders (10,835) (2,480)
Profit on disposal of
property, plant and equipment 133 79
Headline loss (10,968) (2,559)
Basic loss per share (cents) (7.74) (1.77)
Headline Loss per share
(cents) (7.83) (1.83)
Net Asset Value per share
(cents) 1.67 9.07
SUPPLEMENTARY INFORMATION
Shares in issue (000)
- at end of period 140 000 140 000
weighted average for 140 000 140 000
the year
Calculation of headline loss (R`000)
Net loss attributable to
outside shareholders (10,835) (2,480)
Profit on disposal of
property, plant and
equipment 133 79
Headline loss attributable
To outside shareholders (10,968) (2,559)
SUMMARISED GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and
equipment 1,450 2,056
Non-current assets - 166
Deferred tax asset 1,080 3,122
2,530 5,344
Current assets
Inventories 3,973 16,280
Receivables 1,816 985
Cash and cash equivalents 232 443
6,021 17,708
Total assets 8,551 23,052
EQUITY AND LIABILITIES
Capital and reserves 2,340 12,694
Non-current liabilities
Interest-bearing borrowings 260 2,103
Current liabilities
Payables 5,533 7,975
Provisions and other payables 287 207
Current tax liabilities 131 73
5,951 8,255
Total equities and
liabilities 8,551 23,052
SUMMARISED GROUP CASH FLOW
Cash flow from operating
activities 3,540 4,967
Cash flow from investing
activities 122 (1,144)
Cash flow from financing
activities (3,872) (19,219)
Decrease in cash and
cash equivalents (210) (15,396)
GROUP STATEMENT OF CHANGES IN EQUITY
Capital and reserves
at the beginning of
the period 12,694 13,983
Net (loss) for the period (10,835) (2,480)
Movement in foreign currency
translation reserve 481 1,191
Capital and reserves
at the end of the period 2,340 12,694
The Company
Stella Vista Technologies Ltd (Company) 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 with a truly
remarkable experience.
The Market and Prospects
Stella Vista was very active in the sports market this year - with scoreboard
displays being supplied to the Abu Dhabi Cricket Ground, and contracts awarded
for video displays for a basketball arena in Novi Sad, Serbia & Montenegro.
Stella Vista screens were used at multiple sporting events in South Africa,
including the local and international cricket matches, Nedbank Golf Challenge
and the 2003 President`s Cup, held in George, South Africa. Furthermore, our
displays were used to provide video images at a number of entertainment and
government events, such as the 10 Years of Democracy celebration and
Presidential Inauguration in April 2004 in Pretoria, and the 2010 FIFA World Cup
bid announcement parties all across South Africa (May 2004).
Our expertise in transportation display systems was rewarded with the signing of
a contract to provide flight information displays to the Perth Airport in
Australia.
As communicated in the previous results, Stella Vista`s solutions based on the
systems used at the ICC CWC 2003 have started to find buyers both locally and
internationally. This year displays were supplied to three continents, and we
expect a further continuation of this trend in the future.
Results
The decrease in sales together with the impairment charge of inventory
contributed towards the disappointing financial results for the year ended 31
August 2004.
- Turnover down 54.2% on previous year, however export sales increased from
R0.8m to R6.5m year on year.
- Stella Vista reflected an operating loss of R0.2m for the year, prior to the
impairment of inventory.
- The continuous price decreases and changes in technology required and
impairment charge of R7.5m to reflect the net realisable value of inventory
on hand.
- Cash generated from operating activities utilised for the repayment of
interest-bearing and other borrowings.
Sales to the value of R4.57m to a related party, Powerview (Pty) Ltd, 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.
Products and Services
New T7 and T9 products expanded our TitanRegistered video display range in the
high end of the market.
Introducing the LB26 displays extended the LB series of displays, to compliment
existing models in the range of outdoor text and information displays used as
message screens and scoreboards.
All new TitanRegistered and LB models are compatible with Stella Vista`s unique
faceUp display module system.
Accounting Standards and Audit Opinion
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. These results have
been audited and reported on by the company`s auditors, PricewaterhouseCoopers.
Their unqualified audit report is available for inspection at the company`s
registered office.
Notice of annual general meeting
Notice is hereby given that the annual general meeting of shareholders of Stella
Vista Technologies Limited will be held at 10H00 on 25 February 2005 at 134 Side
Road, West Turffontein, Johannesburg.
The annual report of the Company shall be posted to shareholders on or about
Thursday, 2 December 2004.
On behalf of the Board
R H Burke
Chairman
M Tabakovic
Chief Executive Officer
Directors: R H Burke*(Chairman), M Tabakovic (CEO), D Tabakovic,
A A Coulson*, C Livingstone* (*non-executive)
30 November 2004
Date: 30/11/2004 05:42:55 PM
Produced by the JSE SENS Department
