| Mon 30 May 2005, 17:22 | | Interim results for the period ending 28 February |
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Stella Vista - Interim results for the period ending 28 February 2005
Stella Vista Technologies Limited
(`Stella Vista` or `the company`)
(Registration number 1998/000172/06)
Share Code: SLL ISIN: ZAE000018198
INTERIM RESULTS FOR THE PERIOD ENDING 28 FEBRUARY 2005
SUMMARISED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
six months six months twelve
ended ended months
ended
28 Feb 05 29 Feb 04 31 Aug 04
R`000 R`000 R`000
Revenue 9,669 5,576 16,013
Operating profit/(loss) (after 288 (7,509) (7,660)
charging)
- Depreciation 240 260 543
- Operating rentals 173 217 335
Net finance income/(cost) 125 (657) (1,013)
Net profit/(loss) before taxation 413 (8,166) (8,673)
Taxation 0 2,429 (2,101)
Net profit/(loss) after taxation 413 (5,737) (10,774)
Basic and headline profit/(loss)
per share (cents)
Net profit/(loss) attributable to 413 (5,737) (10,774)
shareholders (R)
Profit on disposal of fixed 0 105 133
assets (R)
Headline profit/(loss) (R) 413 (5,842) (10,907)
Weighted average number of shares 140,000,00 140,000,000
in issue 0 140,000,00
0
Earnings/(loss) per share (cents) 0.30 (4.10) (7.70)
Headline Earnings/(loss) per 0.30 (4.17) (7.79)
share (cents)
Net Asset Value per share (cents) 1.93 5.30 1.77
SUMMARISED GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 1,768 1,775 1,587
Deferred tax asset 1,080 5,551 1,080
2,848 7,326 2,667
Current assets
Inventories 3,084 8,038 3,973
Receivables 289 2,410 1,816
Cash and cash equivalents 1,816 20 232
5,189 10,468 6,021
Total assets 8,037 17,794 8,688
EQUITY AND LIABILITIES
Capital and reserves 2,705 7,416 2,477
Non-current liabilities
Interest-bearing borrowings 152 463 260
Current liabilities
Payables 4,762 9,605 5,533
Provisions and other payables 287 237 287
Current tax liabilities 131 73 131
5,180 9,915 5,951
Total equities and liabilities 8,037 17,794 8,688
SUMMARISED GROUP CASH FLOW
Cash flow from operating 2,019 (954) 3,540
activities
Cash flow from investing (422) 192 122
activities
Cash flow from financing (13) 339 (3,872)
activities
Increase/(decrease) in cash and 1,584 (423) (210)
cash equivalents
GROUP STATEMENT OF CHANGES IN
EQUITY
Capital and reserves at the 2,477 12,770 12,770
beginning of the period
Net profit/(loss) for the period 413 (5,737) (10,774)
Movement in foreign currency (185) 383 481
translation reserve
Capital and reserves at the end 2,705 7,416 2,477
of the period
The Company
Stella Vista Technologies Ltd 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 during the this period - with
video displays being supplied to the Karnataka State Cricket ground in
Bangalore, India, and for a basketball arena in Novi Sad, Serbia and Montenegro.
We were awarded the contract to supply a video display at the Abu Dhabi Cricket
Stadium.
Stella Vista screens continue to be used at multiple international and local
sporting events in South Africa and our displays were used to provide video
images at a number of entertainment and government events.
Our expertise in transportation display systems was rewarded with the successful
commissioning of flight information displays at the Westralia Airports
Corporation in Perth, 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. We have supplied displays to three continents, and we expect a
further continuation of this trend in the future.
Results
A remarkable increase in sales contributed towards the improved financial
results for the period ending 28 February 2005, reflecting an operating profit
of R0.4m compared to an operating loss of R7.5m for the same corresponding
period.
Turnover for the six months up 73.4% on the previous corresponding period.
Export sales for the period R4.4m.
Cash generated from operating activities was utilized for the repayment of
interest-bearing borrowings.
Sales to the value of R1.59m 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
The latest Titan family display, T9, developed during the previous period, has
seen its first application in a sports arena in Europe.
Stella Vista continues to enhance its current range of sport solutions,
particularly in cricket. These solutions can be customized to suit any customer
demand, from small school sport grounds to world-class venues.
A new product line of sports stadium perimeter advertising displays has been
introduced. The first application was at the Wanderers Cricket Ground in
Johannesburg during the summer Test and One-Day International series between
England and South Africa.
Accounting Standards
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards. This is a first time adoption of
the International Financial Reporting Standards, and as a result, the 2004
figures have been restated for comparative purposes. The effects of the change
are as follows:
Previously Restated Difference
stated figures (R`000)
(R`000) (R`000)
Fixed assets 1,669 1,775 106
Retained earnings (11,629) (11,735) 106
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)
Sponsor
LPC Manhattan Moela
