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Stella Vista - Abridged Audited Annual Financial Statements For The Year
Ended 31 August 2005
Stella Vista Technologies Limited
("Stella Vista" or "the Company")
(Incorporated in the Republic of South Africa)
Registration Number: 1996/000172/06
Share code: SLL ISIN: ZAE000018198
ABRIDGED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 AUGUST 2005
SUMMARISED GROUP INCOME STATEMENT
Audited Audited
31 August 31 August
2005 2004
R"000 R"000
Revenue 19 835 16 013
Operating profit/(loss)(after 433 (7 721)
charging)
- depreciation (651) (604)
- operating rentals (355) (335)
Net interest received/(paid) 227 (1 013)
Net profit/(loss) before taxation 660 (8 734)
Taxation 2 134 (2 101)
Net profit/(loss) after taxation 2 793 (10 835)
Basic and headline profit/(loss)
per share
Net profit/(loss) attributable to 2 793 (10 835)
shareholders
Profit on disposal of property, - (133)
plant and equipment
Headline profit/(loss) 2 793 (10 968)
Basic profit/(loss) per share 2.00 (7.74)
(cents)
Headline profit/(loss) per share 2.00 (7.83)
(cents)
Net asset value per share (cents) 3.64 1.67
SUMMARISED GROUP BALANCE SHEET
Audited Audited
31 August 31 August
2005 2004
R"000 R"000
ASSETS
Non-current assets
Property, plant and equipment 1 434 1 450
Deferred tax asset 2 976 1 080
4 410 2 530
Current assets
Inventories 3 318 3 973
Receivables 286 1 816
Cash and cash equivalents 3 287 232
6 891 6 021
TOTAL ASSETS 11 301 8 551
EQUITY AND LIABILITIES
Capital and reserves 5 090 2 340
Non-current liabilities
Interest-bearing borrowings 111 260
Current liabilities
Payables 5 713 5 533
Provisions and other payables 387 287
Current tax liabilities - 131
6 100 5 951
TOTAL EQUITY AND LIABILITIES 11 301 8 551
SUMMARISED GROUP CASH FLOW
Audited Audited
31 August 31 August
2005 2004
R"000 R"000
Cash flow from operating 3 480 3 540
activities
Cash flow from investing (635) 122
activities
Cash flow from financing 209 (3 872)
activities
Increase/(decrease) in cash and 3 054 (210)
cash equivalents
GROUP STATEMENT OF CHANGES IN EQUITY
Audited Audited
31 August 31 August
2005 2004
R"000 R"000
Capital and reserves at beginning 2 340 12 694
of period
Net profit/(loss) for the period 2 793 (10 835)
Movement in foreign currency (43) 481
translation reserve
Capital and reserves at the end 5 090 2 340
of the period
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 video
displays being supplied to The Kanataka State Cricket ground in
Bangalore, India, a basketball arena in Novi Sad, Serbia & Montenegro
and 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 Airport, 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
An increase in sales together with stringent inventory control
contributed towards the improved financial results for the period ending
31 August 2005. Stella Vista reflected an operating profit of R0.43m
compared to an operating loss of R7.72m for the previous financial year.
- Turnover for the year up by 23.8% on the previous year.
- Export sales for the year increased by 13.1% to R7.35m compared to
R6.5m for the same corresponding period.
- Cash generated from operating activities was utilized for the
repayment of interest-bearing borrowings. Cash on hand at end of the
financial year will be used to settle the current liability debt.
Sales to the value of R7.0m 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 new Titanr family display models, T9 and T12, developed during the
last two periods have seen their first application in a sports arena in
Europe, at cricket grounds in India, as well as locally.
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 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.
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 the 24
February 2006 at 134 Side Road, West Turffontein, Johannesburg.
On behalf of the Board
R H Burke M Tabakovic
Chairman Chief Executive Officer
Directors: R H Burke*(Chairman), M Tabakovic (CEO), D Tabakovic,
A A Coulson*, C Livingstone*
(*non-executive)
Date: 12/12/2005 11:30:13 AM Produced by the JSE SENS Department
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